What to know:
- PEPE has taken a nosedive, slipping nearly 6% in 24 hours, as the market braces for Trump’s reciprocal tariffs deadline. 📉
- Despite the price drop, the big boys—let’s call them the “whale” wallets—have been quietly loading up, increasing their PEPE holdings by over 5% in the past month. 🐳💰
- Technical analysis suggests PEPE is struggling to stay afloat above $0.0000106, with support around $0.00000965. A descending channel pattern indicates persistent selling pressure, but brief rebounds hint that the memecoin might still have a few tricks up its sleeve. 🤹♂️
The frog-themed memecoin PEPE (PEP) has taken a tumble, sliding nearly 6% over the past 24 hours. The market is on edge as Trump’s reciprocal tariffs deadline looms, and PEPE’s volatility is on full display. 🐸💥
PEPE’s price has been swinging wildly, with a 16.5% trading range that highlights just how quickly sentiment can shift in a market that’s increasingly sensitive to geopolitical and macroeconomic signals, especially when trading volumes are low. 📈📉
But behind the price drop, the whales seem unfazed. Data from blockchain analytics firm Nansen shows that whale wallets have increased their PEPE holdings by over 5% in the past month, scooping up tokens now valued at around $3 billion, which is over 70% of PEPE’s supply. 🐳🔄
Meanwhile, the total supply of PEPE on exchanges has hit a two-year low of roughly 247.2 trillion tokens, a near 3% decrease since the start of July. It’s like watching a massive game of hot potato, but with digital frogs. 🐸🔥
Technical Analysis Overview
PEPE has been struggling to hold its ground after testing resistance near $0.0000106, only to be met with firm selling pressure that pushed the price lower. It’s like trying to climb a greased pole—every step up is met with a slide back down. 🤦♂️
The coin found some support around $0.00000965, which has kept it from plummeting further. However, the overall trading range reflects persistent volatility, according to CoinDesk Research’s technical analysis data model. 📊🔄
Charts show a descending channel shaping the recent price action, with sellers stepping in on upward moves. Trading volumes reveal a pattern of distribution during price spikes, suggesting that traders are offloading positions rather than building fresh longs. It’s like a game of musical chairs, but with digital tokens. 🎶🪑
However, brief rebounds and surges in buying interest suggest that the memecoin isn’t out of the fight yet. A burst of volume helped lift prices modestly from recent lows, signaling that some traders still see room for a bounce if broader market sentiment improves. 🚀✨
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2025-07-04 16:04