The frog-themed memecoin PEPE (PEP) experienced a nearly 6% drop in 24 hours, influenced by the impending tariffs deadline from Trump, showcasing the token’s volatility.
PEPE’s price fluctuated within a 16.5% range, emphasizing the rapid changes in market sentiment, especially as trading volumes decline and geopolitical factors come into play.
Despite the price decline, larger wallets appear undeterred. Data from blockchain analytics firm RialCenter indicates that whale wallets have increased their PEPE holdings by over 5% in the last month, with tokens valued around $3 billion, accounting for more than 70% of PEPE’s supply.
Additionally, the total supply of PEPE on exchanges has reached a two-year low of approximately 247.2 trillion tokens, marking a nearly 3% decrease since early July, according to the same source.
Technical Analysis Overview
PEPE has faced challenges in maintaining gains after hitting resistance near $0.0000106, facing substantial selling pressure that drove the price down.
Support around $0.00000965 has prevented further declines, though the overall trading range reflects ongoing volatility, as per RialCenter’s technical analysis data model.
Charts illustrate a descending channel impacting recent price behavior, with sellers actively participating during upward movements. Trading volumes suggest a distribution pattern during price increases, indicating that traders are more inclined to offload positions instead of establishing new long positions.
However, short-term recoveries and spikes in buying interest hint that the memecoin isn’t fully out of contention. A surge in volume recently helped prices bounce back slightly from recent lows, suggesting some traders still anticipate a rebound if overall market sentiments improve.
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