PEPE dropped nearly 3% over 24 hours as traders dumped tokens in unusually high volumes exceeding 3.47 trillion, with prices swinging between $0.00001169 and $0.00001268. The memecoin struggled to hold gains despite brief rebounds, settling near resistance at $0.00001206 amid broader market weakness that saw the CoinDesk Memecoin Index (CDMEME) fall 3.9%.
Contradicting the sell-off, whale accumulation remains robust with Ethereum-based whales increasing holdings by 1.4% to 305.26 trillion PEPE over seven days, while exchange reserves dropped 1.14% to 251.2 trillion. Simultaneously, on-chain metrics reveal bullish signals: holder count surpassed 463,000, new addresses surged 39%, and active addresses grew 38% weekly. Derivatives data shows 60% volume growth to $3.67B and 8.20% open interest increase to $705.27M.
Technically, PEPE shows a developing cup-and-handle pattern targeting $0.000030 if it breaks $0.00001580 resistance. The MVRV indicator exited negative territory, signaling undervaluation, while exchange reserves plummeted to 98.9 trillion tokens – a 54% drop since August 2024 – indicating supply squeeze potential.