PEPE Plunges 5% on Volume Spike, but Whale Wallets Are Accumulating
0Despite the selloff, indicators suggest growing investor interest, including a 3.2% increase in whale wallet holdings and a 2.5% decrease in PEPE on exchanges.
PEPE fell more than 5% in the last 24-hour period, dropping from a session high near $0.000014167 to a low of $0.000012915, before seeing a slight recovering.
Trading volume reached 13.02 trillion tokens an hour during the sell-off, more than four times the session average of 3.2 trillion, according to CoinDesk Research's technical analysis data model.
Despite the selloff, several market indicators suggest deeper investor interest. Google search queries for PEPE jumped on July 22, peaking shortly before the crash, according to Google Trends.
Meanwhile, whale wallet holdings on Ethereum, measured by the top 100 addresses, grew by 3.2% over the past 30 days. PEPE tokens on exchanges dropped by 2.5% over the same period, according to Nansen data, suggesting there’s less available supply.
By the end of the session, PEPE had clawed back some of its losses, stabilizing around $0.0000131. Recovery volume stayed elevated, averaging between 300 and 400 billion tokens per hour, showing renewed buying interest in the aftermath of the drawdown.
Price action during the session was defined by sharp swings and clear levels of resistance and support. PEPE consistently failed to break through the $0.000014150 range, forming a ceiling that turned buyers away multiple times.
On the downside, the $0.000013 mark acted as a floor where prices repeatedly bounced back.
The most intense selling came as hourly volume spiked, suggesting forced exits and large-scale profit-taking. But by session close, steady buy-side activity, averaging 300 to 400 billion tokens per hour, hinted at a potential rebound.
While the rally lost steam, the underlying trading behavior reflects a pattern familiar in memecoin markets: hype-driven surges followed by sharp corrections, with long-term holders seizing volatility as an entry point.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
CoinDesk Analytics is CoinDesk's AI-powered tool that, with the help of human reporters, generates market data analysis, price movement reports, and financial content focused on cryptocurrency and blockchain markets.
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Francisco is a reporter for CoinDesk with a passion for cryptocurrencies and personal finance. Before joining CoinDesk he worked at major financial and crypto publications. He owns bitcoin, ether, solana, and PAXG above CoinDesk's $1,000 disclosure threshold.
https://www.coindesk.com/markets/2025/07/23/pepe-plunges-5-on-volume-spike-but-whale-wallets-are-accumulating
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