- PEPE is down over 38% in a month and nearly 87% from its all-time high
- Memecoins are being hit hardest as traders flee high-risk assets
- Analysts warn PEPE could still fall another 25% before stabilizing
The crypto market is going through one of its sharpest pullbacks in recent memory, and Pepe hasn’t been spared. Bitcoin dropping toward the $62,000 level earlier this month set the tone, and most altcoins followed. PEPE has slipped steadily as liquidity dried up and risk appetite vanished almost overnight.
According to CoinGecko data, PEPE is down about 2.5% in the last 24 hours, 13% over the past week, 26.6% across two weeks, and roughly 38.2% over the last month. Zoom out further and the damage looks worse. The token is now down close to 87% from its December 2024 all-time high of $0.00002803, a level reached when Bitcoin first pushed past $100,000.
The Memecoin Trade Is Losing Oxygen
PEPE’s decline isn’t happening in isolation. Market participants are actively rotating away from high-risk assets, and memecoins tend to be the first to suffer when sentiment breaks. Unlike larger crypto assets, memecoins don’t have strong fundamentals to lean on during drawdowns. They rely on attention, momentum, and liquidity, all three of which are scarce right now.
PEPE did have an impressive run after launching in April 2023, hitting milestone after milestone during the last bull phase. But once that momentum faded, there was very little structural support underneath the price. Since its 2024 peak, the token has been grinding lower, not collapsing in one move, but bleeding slowly as interest evaporates.
Analysts See More Downside Before Any Recovery
For traders thinking about buying the dip, the near-term outlook remains uncomfortable. CoinCodex analysts currently expect PEPE to fall to around $0.000002666 by Feb. 19, 2026. From current levels, that would imply an additional drop of roughly 27.5%, even after the heavy losses already absorbed.
That projection reflects a broader reality. In risk-off markets, memecoins rarely bottom early. They tend to overshoot on the downside as traders prioritize capital preservation over speculative upside. Any meaningful rebound likely depends on a broader crypto recovery, led by Bitcoin stabilizing first.
So, Is This a Buy-the-Dip Moment
Whether PEPE is a buy here depends less on the token and more on your risk tolerance. For long-term holders who believe memecoin cycles will return, lower prices may eventually look attractive. But in the short term, catching falling knives in a weak market is rarely rewarded.
Right now, PEPE looks more like a sentiment gauge than an opportunity. Until the broader market finds its footing, further downside remains a real possibility. In this environment, patience may matter more than timing, especially for assets that live and die by hype.
