PEPE fell nearly 5% as initial hype from Elon Musk’s April mention faded, coinciding with capital rotation toward Bitcoin. The memecoin faced strong technical resistance at $0.00001013, where heavy selling pressure emerged during peak trading hours. This rejection triggered profit-taking among short-term holders despite earlier attempts to recover.
Broader market dynamics amplified the decline, with Bitcoin dominance climbing above 65% as investors shifted from speculative altcoins to established assets. PEPE’s weakness reflects typical memecoin volatility, where social media catalysts provide temporary boosts rather than sustained momentum. The token’s lack of fundamental utility makes it particularly vulnerable to sentiment shifts.
Technical analysis showed PEPE establishing temporary support near $0.00000946, though late-session selling pressure eroded these levels. A brief 3.1% rally from a 91.9 trillion volume spike proved unsustainable, confirming the bearish near-term bias as traders exited positions.
