- PEPE price fell 6% to a low of $0.0000088, testing critical support at $0.0000090.
- The broader memecoin market declined about 5%, with DOGE, SHIB and others pressured by macroeconomic headwinds and reduced liquidity.
- PEPE’s recovery depends on that support holding and renewed social momentum, amid ongoing sector volatility and regulatory risks.
PEPE, an Ethereum-based memecoin, dropped 6% over 24 hours as bearish pressure emerged.
The decline, which occurred alongside a wider market sell-off, pushed PEPE to test a key support threshold.
Weakness in PEPE has translated to losses across other tokens in the memecoin sector.
PEPE fails to hold a major technical zone
As noted, PEPE’s price fell 6% in the past 24 hours to about $0.0000088.
That move swept through a primary support level beneath the price, opening the door to further downside.
Notably, the drop occurred with intraday trading volume falling to $658 million, a 12% decline from the previous day, reflecting some resilience from buyers seeking accumulation opportunities.
The token remains near oversold territory, with the Relative Strength Index around 36.
Such conditions often signal the potential for a bounce if buying interest returns.
The support at $0.0000090 has held and aligns with a prior consolidation zone.
That area now serves as a psychological defense for the token.
On the upside, any bounce from recent lows driven by profit-taking could reignite social media buzz.
Investors will also closely watch whale activity, since large holders selling or buying can signal further downside or a renewed run-up.
The wider memecoin sector wrestles with persistent weakness
PEPE’s sentiment reflects a broader pullback across memecoins, which have declined roughly 5% in aggregate this week.
Total memecoin market capitalization now sits below $82 billion.
Dogecoin (DOGE) and Shiba Inu (SHIB) have also slipped, although losses were modest in the 24-hour window.
Bonk (BONK) and Popcat trimmed gains as traders engaged in widespread profit-taking.
This collective retreat stems from macroeconomic headwinds, including signals from the U.S. Federal Reserve about interest-rate policy.
Government shutdown concerns have also factored into market dynamics. Bitcoin, which briefly climbed to an all-time high above $126,000 earlier in the week, dipped to $122,000 before recovering slightly ahead of the FOMC minutes release.
Inherent volatility in the memecoin space could rise if the broader market faces another leg down.
Specifically, trading volumes for leading memecoins contracted by an average of about 3.4% on the day.
Despite the pullback and thinner liquidity, some analysts remain optimistic amid talk of an altcoin season.
The memecoin arena still benefits from strong viral potential, where renewed attention can quickly turn underperforming tokens into high-fliers.