In the last day, the frog-inspired memecoin known as Pepe (PEPE$0.000041052), which caught fire in popularity a few months ago, dropped close to 4%. This dip reflects a cooling off in trading volume across the meme token space, retreating from the feverish activity witnessed earlier this week.
The broader landscape of meme cryptocurrencies, as tracked by the CoinDesk Memecoin Index (CDMEME), recorded a 3% fall within the 24-hour window, noticeably lagging behind the general crypto market. By contrast, the CoinDesk 20 (CD20) index, representing the wider digital asset arena, saw a marginal loss of just 0.1% during that same span.
According to Nansen’s latest figures, while the top 100 PEPE wallets on Ethereum have boosted their stakes by 1.5% over the past month, the amount of PEPE held on exchanges has slipped by 0.5%. This suggests continued hoarding by larger holders despite subdued liquidity on trading platforms.
Dissecting the Technical Picture
PEPE’s price oscillated within a narrow band of $0.0000081 throughout the previous 24 hours, reflecting a 7% gap between its intraday peak and bottom, based on data from CoinDesk Research’s technical analytics model.
The highs hit approximately $0.0000126621, however, multiple attempts to break above this ceiling faced immediate selling pressure. On the downside, crucial support hovered near $0.0000118094 before the token settled into a cramped consolidation phase between $0.00001181 and $0.00001198—a zone marking hesitation and uncertainty among market participants.
Closing the day at around $0.0000118, PEPE hovered just above its key support line but remained clearly weighed down by selling forces. Should it fail to regain and maintain footing above the $0.000012 resistance level, bearish momentum could push it toward testing even lower floors.
Volume & Momentum Insights
- Trading volume signals a notable drop in buyer enthusiasm compared to earlier in the week.
- This downturn in demand may stymie any attempt at a sustained rally absent fresh market drivers.
