PEPE dropped over 8% in 24 hours, adding another zero to its price following a surge in market sell pressure.
Trading volume fell 47.41% to $751.56 million, showing weaker investor participation and lower buying interest.
Bitcoin dominance climbed to 64.6%, drawing capital away from meme coins like PEPE and impacting sentiment negatively.
Pepe (PEPE), the frog-themed meme cryptocurrency, has recorded a sharp downturn in the past 24 hours. The token shed nearly 10% of its value, falling to $0.000009658. This decline follows a broader market sell-off that saw several altcoins lose ground. PEPE, which had recently erased a zero from its price, has now added it back, signaling weakening momentum.
CoinMarketCap data revealed a significant drop in PEPE’s trading activity. Volume plunged 47.41%, settling at $751.56 million. This sharp fall suggests waning investor confidence, with fewer participants showing interest in buying the dip. The loss of volume coincides with a pullback from short-term traders following earlier price peaks.
Profit-Taking Halts Previous Rally
Earlier this week, PEPE reached a high of $0.00001033, riding a brief wave of bullish sentiment. However, profit-taking emerged quickly, halting the upward movement. The sell-off pushed the price lower and reinforced bearish sentiment across the meme coin segment. The recent volatility has disrupted the momentum that PEPE built up in May, when it surged to $0.00001380.
The wider crypto market trend has witnessed funds draining off into the more stable tokens, and especially into Bitcoin. It currently controls the market at 64.6%, as opposed to recent times. The change has helped increase the investor preference for low-risk positions, and the trend has exposed PEPE and other volatile tokens to more pressure.
Price Recovery Tied to Whale Behavior
PEPE’s ability to regain value in the near term may depend on the trading behavior of major holders. In recent weeks, large wallet addresses have been offloading their positions, further adding to the selling pressure. A reversal in this trend, with whales absorbing available supply, could offer support to the price. Until then, PEPE remains vulnerable to further losses.
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