Pepe Market Cap Drops to $7 Billion Amid Bearish Trend
Bitcoin has fallen below $93,000, leading to a negative sentiment in the market. The meme coin market cap is now at $97.43 billion.
- Dogecoin is down nearly 3%
- Pepe has declined by 4.21% in the last 24 hours, with a 7-day return of -18.15%, struggling to maintain a market cap of $7 billion
PEPE Price Analysis
Pepe's price is testing support at the 23.60% Fibonacci level at $0.00001670. It faced rejection from the 38.20% Fibonacci level and is under dynamic resistance from the 20-EMA line.
This trend indicates a potential bearish breakdown, though a bullish divergence in the RSI suggests a possible double-bottom reversal.
PEPE Price Target
- A breakout above the 38.20% Fibonacci level could signal a buying opportunity, aiming for the previous support zone at $0.00002120 (61.80% Fibonacci level)
- A close below the 23.60% Fibonacci level may retest $0.000014412
Declining Network Activity
The number of large transactions in Pepe has decreased significantly, from 3,080 on November 13 to 138 on January 12, marking a decline of 95.52%. In 2025 alone, there was an 83.09% drop from 815 to 138 transactions.
Whale Accumulation
Despite the price decline, whales are actively purchasing Pepe. A whale withdrew 280 billion Pepe tokens worth $5 million from Binance, while another spent 3.72 million USDC to acquire 200.4 billion Pepe.
Conclusion
Pepe faces challenges from declining network activity and bearish trends, but whale accumulation may indicate potential recovery. Key levels to watch include $0.00001670 for bullish momentum and $0.000014412 for downside risks.