PEPE Price Drops 7% Amid High Trading Volume as Memecoin Market Corrects

The popular memecoin PEPE has declined 7% over the past 24 hours despite recording substantial trading volume exceeding 2.29 trillion tokens, according to CoinDesk Research's technical analysis. PEPE's price fell from $0.00000995 to $0.00000931 during the sell-off, testing crucial technical support around $0.0000093. While this level temporarily attracted buyers, overall market pressure persisted. Earlier in the trading session, PEPE reached a high of $0.00001014 before entering a downward trend. Sustained high trading volumes indicate the correction was driven by significant market activity rather than low liquidity. PEPE underperformed the broader cryptocurrency market, with the CoinDesk 20 Index declining 3.35% and the memecoin sector dropping approximately 4.3% according to the CoinDesk Memecoin Index. Market analysts attribute the pullback to profit-taking by large holders and investor caution regarding political risks, including Japan's fiscal policy developments. Additionally, concerns about insider control in newer memecoins have resurfaced, with analytics firm Bubblemaps reporting that YEPE token has 60% of its supply controlled by insiders. On-chain data from Nansen reveals that the top 100 PEPE wallets on Ethereum increased their holdings by 0.26% last week, while exchange reserves grew by 0.35%.