- Trading volume and on-chain activity are collapsing, with active addresses dropping below 3,000.
- Derivatives data shows longs heavily liquidated, fueling downside momentum.
- Technicals point toward a possible 15% slide, with targets near $0.0000085–$0.0000080.
PEPE’s price action is flashing warning signs after slipping below a key support level, with both on-chain activity and trading volume taking a noticeable hit. Analysts warn the meme coin could face another 15% drop if momentum doesn’t shift soon.
Trading Volumes Slide, Longs Take the Hit
PEPE has seen its daily trading volume tumble to $980 million, while open interest dropped 4% to $535 million, according to CoinGlass. That slump suggests traders are losing conviction, and the derivatives data makes the picture even bleaker. Long liquidations spiked to $326,000 compared to just $9,900 in shorts — showing a heavy imbalance that could speed up the downside if selling pressure continues.
The network itself is also slowing. Glassnode data shows daily active addresses dropped below 3,000 — a far cry from late 2024, when more than 27,000 addresses were buzzing during the peak rally.
Technical Setup Points to Breakdown
Technically, PEPE looks fragile. The token has been caught in a 5% swing, moving between $0.000010028 at the high and $0.000009567 at the low. Earlier this week, a rally briefly tested the $0.000010000 mark on big volumes — more than 2.6 trillion tokens — but the momentum faded quickly, and sellers took control.
Since then, prices have slipped back toward $0.000009610, with hourly charts showing repeated resistance near $0.000009640. Even volume spikes above 89 billion tokens haven’t been enough to flip sentiment, signaling distribution rather than accumulation.
Analyst Alpha Crypto Signal noted the chart resembles a symmetrical triangle breakdown, with potential targets near $0.0000085 to $0.0000080 if pressure holds.
Whale Moves and Exchange Trends
Despite the weakness, whales aren’t completely out. Nansen data shows the top 100 PEPE wallets on Ethereum added 0.2% more to their holdings over the past week. But at the same time, exchange balances grew by 1.13%, hinting that some holders may be gearing up to sell rather than sit tight.
For now, the outlook tilts bearish. If $0.000009600 cracks cleanly, PEPE could be on track for a deeper slide — but if bulls can defend that level, a short-term bounce back toward $0.000010000 isn’t off the table either.
