PEPE Drops 3% Amid Heavy Selling, Market Volatility at 7.74%

PEPE, a popular meme coin, experienced a 3% decline in value over the past day, as traders engaged in heavy selling, leading to unusually high volumes of token liquidations. This sell-off underscored the renewed anxiety in the cryptocurrency market and significant profit-taking by investors. The token's volatility reached 7.74%, according to technical analysis data. PEPE's price peaked at $0.00001268 before plummeting to session lows around $0.00001169. Despite a brief rebound, the token struggled to maintain momentum, settling near resistance around $0.00001206.

The massive 24-hour trading volume, exceeding 3.47 trillion tokens, indicated large liquidations or rapid repositioning by traders. This occurred amidst a broader market sell-off, with the CoinDesk 20 (CD20) index dropping by 2.95% and the CoinDesk Memecoin Index (CDMEME) receding by 3.9% in the last day. Despite the sell-off, whale accumulation remained robust. Data from Nansen showed that over the past seven days, PEPE whales on Ethereum added 1.4% to their holdings, which now total 305.26 trillion PEPE. Meanwhile, funds on exchanges dropped by 1.14% to 251.2 trillion.

Technical analysis suggests that PEPE's trend remains bearish, with the token struggling to hold above key resistance around $0.00001206. The token's performance over the past 24 hours highlighted the market's bearish tilt, with prices swinging across a range of $0.00000980 and posting intraday volatility of nearly 8%. Bulls briefly pushed prices to $0.00001268, but strong resistance emerged at the $0.00001267 level, leading to a steady decline to a session low of $0.00001169. Although PEPE managed a modest rebound, climbing from $0.00001210 to as high as $0.00001217, momentum quickly fizzled. The coin settled near $0.00001206, now acting as a resistance zone, suggesting the market remains in consolidation rather than reversing its slide.

Trading volumes soared beyond 3.47 trillion tokens, highlighting the scale of activity as traders reacted to shifting price levels. Until PEPE can hold above key resistance and absorb selling pressure, its trend appears locked in a bearish pattern. The robust whale accumulation, despite the sell-off, indicates that large investors are confident in PEPE's long-term prospects. However, the token's inability to sustain a rebound and hold above key resistance levels suggests that the market remains cautious and that further consolidation or decline may be on the horizon.