PEPE Price Sinks 6% Amid Market Sell-Off as Whales Accumulate

Meme-inspired cryptocurrency PEPE has dropped nearly 6% in the last 24 hours, reaching a low of $0.0000107. This decline occurred despite large investors accumulating the token.

Trading volumes surged into trillions of tokens, with PEPE struggling to find support amid selling pressure.
The broader crypto market also saw declines, with the CoinDesk 20 (CD20) index losing 1.8% and the CoinDesk Memecoin Index (CDMEME) dropping 5% over the same period.
Bitcoin experienced a smaller drop of 0.8%.
The sell-off followed speculation about an upcoming Federal Reserve interest rate cut, which could benefit risk assets.
Nansen data indicates a 1.38% increase in holdings by the top 100 non-exchange addresses on Ethereum, while exchange wallets saw a 1.45% decrease.

Technical Analysis Overview

PEPE's price fell from $0.000011484 to $0.000010782, with sellers dominating the market.
After peaking at $0.000011732 during a resistance test, trading volume reached 5.5 trillion tokens before declining.
Support showed weakness as the price touched $0.000010746, with trading activity reaching 7.7 trillion tokens, reinforcing bearish sentiment.
The price fluctuated within a 9% intraday range, indicating uncertainty around support levels.