Pepe Coin (PEPE), the second-largest Ethereum meme token, has slid to about $0.000004512 — roughly 85% below this year’s peak — trading near its lowest level since April last year. The broader crypto market downturn has hit meme coins hardest, including Shiba Inu and Dogecoin, weighing on PEPE’s price.
On-chain data from Nansen indicates continued whale accumulation: large holders now control about 4.44 trillion PEPE, up from 4.41 trillion in November — an increase of roughly 30 billion tokens. Exchange balances for PEPE have also eased slightly, falling to 258.2 trillion tokens from a recent high of 259.10 trillion, a sign that some investors are withdrawing tokens off exchanges after buying dips.
However, “smart money” appears to be reducing exposure. Addresses classified as smart money hold about 182.17 trillion PEPE, down from a monthly peak near 184.47 trillion.
Technically, the weekly chart shows notable bearish structure. PEPE has retreated well beneath the $0.0000052 level, which corresponds to the neckline of a head-and-shoulders pattern (head at $0.00002832; shoulders around $0.00001665). The price has also formed a small bearish pennant — a vertical drop followed by a tightening triangle — suggesting the potential for further downside. If the bearish breakdown continues, PEPE could test the year-to-date low near $0.000002797 in the coming weeks.
In summary, on-chain activity points to whale buying and reduced exchange supply, but technicals reveal a concerning bearish pattern that could lead to deeper losses if selling pressure persists.
