Pepe Coin (PEPE) has taken a hit in the past 24 hours, falling by 3.75% and now trading around $0.000009587. This latest dip comes during a broader cooldown in the memecoin sector and a visible risk-off sentiment among traders.
While Ethereum (ETH) teases a potential golden cross and targets another move above $4,000, the PEPE price action shows no signs of catching that bullish tailwind, at least not yet.
PEPE Coin Falls as Whale Activity Sparks Volatility
One of the most notable triggers for PEPE’s decline is the recent whale-driven movement. On June 23, market maker Cumberland transferred approximately 3.86 trillion PEPE tokens, worth roughly $3.45 million, to centralized exchanges such as Bybit and OKX.
The transfer came about following a drop below PEPE’s $0.00000980 support level, sparking questions about whether the action was for liquidity redistribution or tactical selling.
At the same time, PEPE’s trading volume over the past 24 hours decreased by more than 35%, dropping to around $664 million. This drop in activity restricted the market’s capability to handle sell-side pressure, thereby heightening price vulnerability.
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While some accumulation signals persist, the net impact has been bearish, particularly when combined with weakening sentiment across speculative altcoins.
Memecoins are Losing Their Narrative Edge
Another weight dragging on PEPE is macro market rotation. Bitcoin’s dominance has now climbed to a yearly high of 65.74%, according to the latest data, signaling a stronger preference for large-cap safety.
This shift has drained liquidity from riskier assets, such as memecoins, with capital rotating back into BTC and, to a lesser extent, ETH.
The CoinMarketCap Altcoin Season Index remains at just 18/100, firmly in “Bitcoin Season” territory. This trend is mirrored in performance metrics, with PEPE down more than 30% over the past 30 days, significantly underperforming both Bitcoin and Ethereum.
Other meme coins, such as Dogecoin, Shiba Inu, Official Trump, Fartcoin, and FLOKI, have lost value over the past few days.
Will Ethereum Drag $PEPE Out of the Memecoin Slump?
Sentiment around Ethereum is showing early signs of recovery. According to Cipher X, Ethereum is on the verge of a golden cross between its 50-day and 200-day EMAs. Historically, this has led to strong increases in ETH, like a 35% rise within four weeks during Q4 2024.
If the price of Ethereum surpasses the $2,450 level and continues to climb towards $3,000 or even $4,000, analysts suggest this could initiate a ripple effect through other cryptocurrencies, including memecoins like PEPE.
Therefore, if ETH validates a golden cross and initiates a broader altcoin rally, PEPE Coin could receive a boost from fresh speculative investments. Until that happens, the next notable support lies between $0.00000930 and $0.00000950.
If it stays below this range, it could lead to a drop to the May low of around $0.00000758. Traders should keep a close eye on Ethereum’s trend. If the second-largest crypto starts breaking out, PEPE may follow, but without that catalyst, the short-term outlook remains cautious.
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