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Why Is PEPE Down Today?

PEPE, a popular meme-inspired cryptocurrency, has dropped 7% in the last 24 hours, testing key technical support near $0.0000093. Trading volumes surged to 2.29 trillion tokens amid significant sell-off activity, driven by profit-taking from whales and concerns over rising political risks. Despite a brief stabilization, PEPE's price fell from $0.00000995 to $0.00000931, underperforming the broader crypto market, which saw a 3.35% decline in the CoinDesk 20 index. The overall memecoin sector also declined by approximately 4.3%. Trading volumes remained high, indicating a robust sell-off rather than low-liquidity noise. Concerns about insider control in newer memecoins resurfaced, with an alert on YEPE, a PEPE-inspired token, regarding insider ownership. Recent data shows a slight increase in holdings among the largest PEPE addresses, which rose by 0.26% over the week.

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