Ethereum-based memecoin PEPE has extended its bearish slide, falling another 6% today to cap a monthly loss of 35%, and year-to-date losses now stand at 25.7%. That means every single PEPE buyer in 2025 is currently in the red. Despite the bloodbath, data from IntoTheBlock reveals that 37% of PEPE holders haven’t moved a single token in over a year, raising questions: are these truly “diamond hands” or simply dead wallets? The token, now trading at $0.00000929, has dropped nearly 11% over the past week alone. Yet it still holds the spot as the third-largest memecoin by market cap at $3.9 billion, behind Shiba Inu ($6.7B) and Dogecoin ($24.1B).

Whales are Still in Control

Data shows that PEPE whales control a whopping 75% of the token supply, and surprisingly, 46% of all holders remain profitable, suggesting early accumulators still have cushion room. Wallets holding between 1 and 12 million PEPE tokens continue to stay inactive, signaling minimal sell pressure from mid-sized holders, at least for now.

I've been holding $PEPE for 2+ years now, patience is about to pay BIG TIMEIt will be obvious in hindsight pic.twitter.com/VQ4nbJGfVQ— Jameson (@jamesonxbt) June 25, 2025

Renowned trader JamesonXBT noted he has held onto PEPE for over two years, stating, “Patience is key. PEPE will reward believers again.” Another analyst pointed to a bullish chart structure similar to those that triggered explosive 25% rallies in previous cycles.

Elon Musk Meme Ignites Optimism

Adding fuel to the speculative fire, Tesla CEO Elon Musk recently shared a PEPE-themed meme, racking up over 60 million views on X (formerly Twitter). The post echoes a December profile picture update that preceded a PEPE rally, which led to an increase in market cap to over $10 billion.

pic.twitter.com/QyKLzXez3L— Elon Musk (@elonmusk) June 19, 2025

The timing wasn’t lost on traders or media outlets — The New York Post released a guide on how to buy PEPE just days after Musk’s meme, hinting at rising mainstream awareness.

Meanwhile, a prominent OKX exchange analyst forecasted an 800% gain, comparing current price action with patterns seen two years ago. PEPE’s 24-hour trading volume surpassed $2.4 billion, per CoinGlass, showing a 5.4% rise, with funding rates remaining positive for three straight days, indicating bullish derivatives sentiment.

Oversold Signals and Support Zones

Technical charts add intrigue to the bullish speculation. The Relative Strength Index (RSI) sits at 30.85, nearing classic oversold levels. Historically, PEPE has bounced from this zone during similar downturns, including in March and May.

Price is currently consolidating above a support zone between $0.00000830 and $0.00000872. If this zone holds, analysts believe PEPE could target a recovery toward $0.00002000, with potential upside to $0.00002836.

However, a breakdown below $0.00000830 would invalidate this outlook, potentially dragging PEPE down to $0.00000525.

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#PEPE‏ #pepecoin #memecoin🚀🚀🚀 $PEPE