PEPE is showing signs of weakening after slipping below a key support level, with on-chain activity and derivatives flows pointing toward lower prices.
Trading volumes have fallen to roughly $980 million and open interest has contracted about 4% to $535 million, signals that futures conviction is fading. Long liquidations over the latest session reached approximately $326,000 versus just $9,900 in shorts — an imbalance that can accelerate downside pressure when leveraged longs are forced out. At the same time, daily active addresses on the PEPE network have collapsed to fewer than 3,000, down sharply from a late-2024 peak near 27,500 during a major rally.
Technically, the token appears to have broken down from a symmetrical triangle. Analyst Alpha Crypto Signal warns the move could carry prices toward the $0.0000085–$0.0000080 area. Recent hourly charts show resistance near $0.000009640 and a 5% intraday trading range between a high of $0.000010028 and a low of $0.000009567, according to CoinDesk Research’s model.
On-chain distribution looks muted: Nansen data for the past week shows the top 100 PEPE addresses on Ethereum added only 0.2% to holdings, while exchange balances ticked up about 1.13% — a sign that selling pressure may be concentrated or poised to increase if sentiment deteriorates.
Short-term traders should monitor the order book, options expiries and open interest for signs of renewed buying; a sustained rebound in daily active addresses or meaningful whale accumulation would be material positive signals that could stabilize prices.
What this means: the combination of falling volume, skewed liquidation activity and collapsing active addresses increases the probability of sharper moves. Momentum traders should watch liquidation levels and exchange flows closely; longer-term holders will want to see a recovery in network activity before assuming the downtrend has ended. This is market analysis, not financial advice — meme tokens are highly volatile and can move quickly in either direction.
Source: CoinDesk. Read the original coverage for full details.