Pepe (PEPE) declined by 12% in market capitalization over a 24-hour period, mirroring a broader market downturn that saw memecoins drop by more than 5%. Despite the single-day losses, PEPE's weekly gains remained positive at approximately 27%.
Among the top 100 cryptocurrencies by market capitalization, PEPE recorded the steepest decline among major memecoins. Other digital assets such as BONK, USELESS, and CASHCAT also posted double-digit losses within the same timeframe.
Selling Pressure From StonkFun Rewards
The downward movement was driven by selling pressure and a technical market pullback following a 10-day price surge. Holders of FEELSGOOD had received $2.84 million worth of PEPE tokens through the StonkFun reward system, prompting holders to sell for profits.
Data from CoinGlass indicated a corresponding drop in market metrics. PEPE's Open Interest fell from $400 million to $334 million, while trading volume decreased from $1.32 billion to roughly $727 million.
Technical Indicators and Market Levels
Technically, PEPE entered a pullback phase, retesting a previous higher high of around $0.0000040 following a breakout from an inverted head-and-shoulders pattern. Fading MACD bars reflected a reduction in bullish momentum. Analysts note that while long liquidations have cooled, failure to hold current levels could risk a further decline toward $0.0000030, whereas holding the support could target $0.0000050 or higher.
Comparisons to PENGU Price Structure
Analyst Ali Martinez pointed out similarities between PEPE's historical price structure and the current setup for Pudgy Penguins (PENGU). Prior to its 2024 rally, PEPE experienced an early expansion, correction, accumulation, and subsequent breakout that yielded over a tenfold increase. PENGU is currently exhibiting a comparable cyclical structure, though any potential continuation depends on broader market conditions remaining bullish.
