PEPE Slumps Nearly 5% Amid Whale Selling

A wave of selling from major holders and rising exchange outflows sent the memecoin PEPE tumbling nearly 5% in a single day, unsettling traders across the volatile meme token market.

The token declined from $0.000012023 to $0.00001119 as sellers overwhelmed recovery attempts. Trading volume spiked to roughly 6.91 trillion tokens in just one hour, with intraday highs stalling near $0.000011692 before rejection at $0.000011549 pushed prices lower to session lows around $0.000011525. That support level failed to hold, and buying interest faded quickly.

The decline came as the broader crypto market was softer, but PEPE underperformed significantly. The CoinDesk 20 index fell about 1.35%, while the broader MemeCoin Index dropped nearly 6 percent. On-chain data showed a 0.1% reduction in whale holdings over the past week, along with a 0.5% decrease in PEPE reserves on exchanges, suggesting larger holders were trimming exposure ahead of further weakness.

Technical indicators remain bearish. A pattern of lower highs and increased selling pressure points to continued downside risk. Even with the spike in hourly trading activity, buyers failed to step in at key support levels, reinforcing the market’s caution.

PEPE’s drop highlights the fragility of meme-driven tokens, particularly when sentiment shifts and large holders reduce their positions. Unless support zones between $0.00001119 and $0.00001152 attract renewed buying, the short-term outlook will remain pressured, with the possibility of deeper corrections ahead.