The frog-themed memecoin PEPE has dropped nearly 6% in the last 24 hours, shaken by Trump’s announcement of reciprocal tariffs, which rattled crypto markets and underscored the token’s volatility.
🔹 Market Anxiety Rises, But Whales Stay Active
Despite the price decline, analytics firm Nansen reports that whales – large holders – have been increasing their PEPE holdings. Over the past month, whale wallets accumulated over 5% more PEPE, now holding over 70% of the total supply, worth approximately $3 billion.
Additionally, the supply of PEPE on exchanges has dropped to a two-year low of 247.2 trillion tokens — a 3% decrease since the start of July — suggesting investors are moving their holdings off exchanges, possibly for long-term storage.
📊 Technical Analysis: Sell-Off or Opportunity?
PEPE recently tested the resistance level near $0.0000106, but strong selling pressure pushed the price back down. Support formed around the $0.00000965 level, which has so far prevented a deeper decline.
The charts show a descending channel pattern, where each short-lived price rally has met with selling. Volume data suggests a distribution phase, with traders taking profits rather than building new long positions.
Still, a spike in buying interest and a minor bounce from recent lows hint at short-term rebound potential, especially if overall market sentiment improves.
🔮 What’s Next?
🔹 If PEPE holds key support and the market stabilizes, a technical rebound could follow.
🔹 Whale activity suggests continued confidence among major investors.
🔹 A shrinking exchange supply may support a bullish price move if demand returns.
📌 60-Second Summary:
PEPE is facing short-term selling pressure, but data shows whale accumulation, shrinking exchange supply, and technical levels hinting at a potential turnaround. Whether PEPE bounces back depends on broader market sentiment.
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