PEPE Coin (PEPE) price dips 7% as Ethereum's second-largest memecoin sees $600M wiped from its market cap

PEPE Coin (PEPE) price dipped 7% on Saturday, May 24, 2025, to trade at $0.000012, as Ethereum's second-largest memecoin saw $600 million wiped from its market cap.

PEPE price dipped 7% on Saturday, as Ethereum's second-largest memecoin saw $620 million wiped from its market cap. However, despite the sudden drop, on-chain data shows a resilient long-term holder base, with over 114,000 addresses currently holding PEPE at a loss.

The Official Trump price (OTRUMP) plunged 4.3% within 24 hours of the event, with the sell-offs spilling over across leading memecoin markets.

PEPE followed with a sharp 7.2% drop against BTC and a 6.7% slide against ETH, signaling that the pullback wasn’t part of a general crypto profit-taking trend but a targeted move to exist memecoins as political risk signals emerged.

At press time, PEPE price traded around $0.00001379 with a 24-hour range between $0.00001371 and $0.00001517. The 24-hour decline of 7.2% places PEPE as the worst-performer among the top 40 ranked cryptocurrencies on Saturday.

Why Is PEPE Price Going Down?

According to CoinGecko data, PEPE remains up 10.5% over the past 7 days, 7.1% over 14 days, and an impressive 59% over the last month. This suggests the 24-hour sell-off stems from an fresh market catalyst.

The timing aligns with the fallout from Trump’s dinner on Friday, which sparked renewed debate over the legality and ethics of politically-affiliated crypto projects.

U.S. lawmakers reportedly blocked the Genius Act, a bill designed to regulate USD-backed stablecoins, flagging Trump’s direct financial interest within the sector after the Trump-backed WLFI launched a USD1 stablecoin.

This controversy surrounding Trump comes after Argentina’s President Javier Milei involvement with Solana-hosted Libra memecoin, to drew international scrutiny and impeachment threats earlier this year.

The $620 million market cap loss in one day emphasizes how this negative context may have prompted large holders to de-risk from top memecoins like PEPE in the last 24 hours.

114,000 PEPE Addresses Still Holding at a Loss Signals Resilience

Despite the steep decline 7.2% in PEPE price, on-chain metrics show that a significant portion of PEPE holders remain reluctant to sell.

According to IntoTheBlock’s Global In/Out of the Money indicator, 113,590 addresses, or 25.71% of all current holders—are now underwater on their PEPE positions.

Essentially, more than one-quarter of the PEPE community continues to hold despite sitting on unrealized losses.

Historically, when a large minority of holders refuse to exit during sharp drawdowns, strategic trader may consider it a positive signal for two key reason.

First, it means that a significant cluster of active investors view PEPE more as a long-term asset than a quick-flip meme. More so, it signals widespread confidence in PEPE’s early rebound prospects, by current holders.

More importantly, with PEPE currently trading near its 7-day support floor at $0.000012 with majority of holders who bought still holding 7% gains on the weekly candle, the odds of a sharp capitulation remain low.

If the bearish momentum surrounding Trump’s memecoin dinner subsides, these two key catalysts could could encourage fresh inflows from news entrant looking to buy into PEPE at low prices.

PEPE Price Forecast: Elliott Wave Pattern Signals $0.000016 Recovery as Resilient Holders Hold Firm

PEPE price action appears poised for a fifth-wave breakout rally toward $0.00001632 and potentially $0.00001845, as projected by the Elliott Wave structure developing on the daily chart.

The recent formation of Wave (4) bottomed above the critical support near $0.000010, and prices have now entered a potential Wave (5) formation.

With price currently stabilising in a low-volatility zone around $0.00001395, setting the stage for a bullish impulse, and volume picking up slightly to support a continuation thesis, the technical picture favors the bulls.

While RSI divergence (5, 14) remains negative at -6.90, suggesting caution, it often precedes breakout moves when divergence fails to push prices significantly lower.

Importantly, IntoTheBlock data indicates 66,590 addresses accumulated 58.5 trillion PEPE around $0.00011, reinforcing a deep-