PEPE Slips 5% as Whale Selling and Market Turmoil Weigh on Memecoin Sector

Core Insights - Popular memecoin PEPE is experiencing significant downward pressure, losing approximately 5% in the last 24 hours and nearly 25% over the past week [1] - The current price of PEPE is $0.0000075, with a market capitalization around $3 billion, indicating bearish trends according to technical analysis [1] - Trading volume has increased to nearly $927 million in the last 24 hours, suggesting heightened volatility in the market [1] Performance Overview - PEPE has declined 31% year-to-date, with a notable drop of over 30% during a recent $500 billion crypto sell-off, where trading volume surged to over 2.2 trillion tokens [2] - Despite the bearish sentiment, some long-term holders are accumulating PEPE, with one user, known as Pepe Whale, predicting a new all-time high this month [2] - PEPE whales have reduced their holdings by over 0.5% in the past week, while funds on exchanges have decreased by 0.33% during the same period [2] Market Context - The broader memecoin sector, as indicated by the CoinDesk Memecoin Index (CDMEME), has seen a decline of 23.4% in the last 24 hours [3]