- PEPE price fell 6% to a low of 0.0000088 USD, testing the critical support level at 0.0000090 USD.
- The broader memecoin market dropped about 5%, with DOGE, SHIB and others hit by macroeconomic pressure and reduced liquidity.
- PEPE’s recovery depends on maintaining support and renewed social momentum amid ongoing sector volatility and regulatory risks.
PEPE, the Ethereum-based memecoin, declined 6% over 24 hours as bearish momentum emerged.
The losses, which occurred amid a wider market sell-off, pushed PEPE to test an important support threshold.
Weakness in PEPE was mirrored across the memecoin sector, with several tokens also showing declines.
PEPE rejected at a key technical zone
As noted above, PEPE’s price dropped roughly 6% in the past 24 hours to about 0.0000088 USD.
That move brought the token close to a critical support level—breach of which could invite further downside.
Notably, the downward price action was accompanied by a fall in intraday trading volume to 658 million USD.
A 12% decrease in volume from the prior day reflected waning buying pressure as traders sought accumulation opportunities.
Despite the sell-off, the token sits near oversold territory with a relative strength index around 36.
Such readings can signal potential for a rebound if buying interest returns.
Support at 0.0000090 USD remains intact and aligns with prior consolidation zones.
That area now functions as a psychological barrier for traders and holders.
Conversely, any bounce from the recent lows spurred by profit-taking or short-covering could reignite social media attention.
Investors will also monitor whale activity closely: large holders either distributing or accumulating tokens can indicate possible near-term direction.
Broader memecoin sector struggles amid persistent weakness
PEPE’s weakness reflects a wider pullback across the memecoin sector, which lost nearly 5% in total market value this week.
Aggregate memecoin market capitalization now sits below 82 billion USD.
Dogecoin (DOGE) and Shiba Inu (SHIB) also slipped, although their declines were modest over the 24-hour period.
Other tokens such as Bonk (BONK) and Popcat trimmed recent gains amid broad profit-taking.
This collective retreat stems from a convergence of macroeconomic headwinds, including signals from the U.S. Federal Reserve on interest rate policy.
Additional market-wide factors have influenced sentiment: Bitcoin, which earlier surged to an all-time stretch above 126,000 USD, pulled back to around 122,000 USD before posting modest gains ahead of the FOMC minutes release.
Inherent memecoin volatility could intensify if markets experience a renewed downturn.
Trade volumes for top memecoins declined on average by about 3.4% over the day, highlighting reduced liquidity.
Even with lower volumes, many analysts remain cautiously optimistic about the altcoin season’s prospects despite the current headwinds.
The memecoin landscape has proven resilient: viral trends and social momentum can quickly revive underperforming tokens and drive rapid shifts in performance.