The frog-themed memecoin $PEPE (PEP) dropped nearly 6% over the past 24 hours, rattled by renewed macroeconomic uncertainty tied to the U.S. reciprocal tariffs deadline — a reminder of how fragile sentiment remains across the crypto market.$SOL
The token swung within a 16.5% trading range, reflecting heightened volatility as traders digested global political risks. With trading volumes softening, price movements have grown more exaggerated, creating fertile ground for sharp reversals and speculative positioning.
Despite the downturn, on-chain signals suggest big money remains confident. Data from blockchain analytics platform [Nansen](https://app.nansen.ai/token-god-mode?tokenAddress=0x6982508145454ce325ddbe47a25d4ec3d2311933&chain=ethereum&tab=token-distribution) reveals that whale wallets have increased their PEPE holdings by over 5% in the last month. These addresses now collectively control tokens worth approximately $3 billion, accounting for over 70% of the total circulating supply.
Additionally, PEPE’s exchange supply has fallen to a two-year low, with just 247.2 trillion tokens remaining on centralized platforms — a nearly 3% drop since early July. This decline suggests a tightening float and possible accumulation behavior behind the scenes.
## Technical Breakdown: Choppy Waters Within a Down Channel
continues to face resistance near the $0.0000106 level, where sellers have consistently entered the market. The token found near-term support at $0.00000965, preventing further losses — for now.