Pepe Coin (PEPE), the second-largest meme token on Ethereum, has slid to about $0.000004512 — roughly 85% below its peak earlier this year — trading near lows not seen since April of last year. The broader crypto downturn has weighed particularly heavily on meme assets such as Shiba Inu and Dogecoin, contributing to PEPE’s slump.
On-chain metrics from Nansen point to continued accumulation by large holders. Whale wallets now control roughly 4.44 trillion PEPE, up from 4.41 trillion in November — an increase of about 30 billion tokens. At the same time, PEPE balances on exchanges have ticked down slightly to about 258.2 trillion from a recent high of 259.10 trillion, which can indicate some investors are withdrawing tokens off exchanges after buying dips.
Not all sophisticated holders are adding exposure. Addresses labeled as “smart money” are holding about 182.17 trillion PEPE, down from a monthly peak near 184.47 trillion, suggesting some trimming by experienced traders.
Technically, the weekly chart looks ominous. PEPE has fallen well below the $0.0000052 level, which aligns with the neckline of a head-and-shoulders formation (head at $0.00002832; shoulders around $0.00001665). Price action has also produced a small bearish pennant — a sharp drop followed by a tightening triangle — which often precedes further declines. If the breakdown persists, PEPE could revisit its year-to-date low near $0.000002797 in the coming weeks.
In short, on-chain data shows whale accumulation and a slight drawdown in exchange supply, but chart patterns are warning of further downside risk if selling pressure continues.