- PEPE price dropped 6% to a low of $0.0000088, testing the critical $0.0000090 support level.
- The broader memecoin market fell about 5%, with DOGE, SHIB and others hit by macroeconomic pressure and reduced liquidity.
- PEPE’s recovery depends on holding support and reigniting social momentum, amid ongoing sector volatility and regulatory risks.
PEPE, an Ethereum-based memecoin, fell 6% over 24 hours as bearish pressure took hold.
The losses, which accompanied a broad market sell-off, pushed PEPE to test a key support threshold.
Weakness in PEPE also coincided with declines across other tokens in the memecoin sector.
PEPE brushes a key technical support zone
As reported, PEPE’s price slid roughly 6% in the past 24 hours, reaching about $0.0000088.
That movement brought bulls within striking distance of a crucial support level, beneath which further downside could materialize.
Notably, the decline occurred alongside a drop in daily trading volume to $658 million.
The 12% fall in volume compared with the previous day suggests some buyer resistance as participants sought to accumulate.
Still, the token sits near oversold territory, with a relative strength index reading around 36.
Such a reading often signals the potential for a rebound if buying interest returns.
PEPE chart courtesy of TradingView
The $0.0000090 support band remains intact and aligns with prior consolidation zones.
That area now functions as a psychological bastion for traders and holders.
Conversely, any bounce from the recent lows driven by profit-taking could rekindle social media chatter.
Investors will also be watching whale activity closely, since significant buying or selling by large holders can foreshadow bigger moves.
Broader memecoin sector faces persistent weakness
PEPE’s price action reflects a wider pullback in the memecoin sector, which lost nearly 5% of its combined value this week.
Total memecoin market capitalization currently sits below $82 billion.
Major names like Dogecoin (DOGE) and Shiba Inu (SHIB) also recorded declines, modest in the 24-hour window but notable against recent trends.
Other tokens such as Bonk (BONK) and Popcat pared back gains amid widespread profit-taking.
The collective retreat stems from several unfavorable macro factors, including signals from the U.S. Federal Reserve on interest rates.
Government shutdown concerns also weighed on risk appetite. Bitcoin, which briefly traded above $126,000 earlier this week, fell to $122,000 before posting a modest recovery ahead of the FOMC meeting on Wednesday, October 8.
Memecoins’ inherent volatility could increase further if markets enter a new slowdown phase.
It’s worth noting that daytime trading volume for the most popular memecoins contracted on average by 3.4%.
Despite thinner liquidity, some analysts remain optimistic, citing expectations for an altcoin season.
The memecoin arena continues to be resilient: viral trends can quickly turn underperforming tokens into outliers that outperform the market.