Elliott Wave Flashes Rebound Signal as 114,000 PEPE Holders Resist $620M Outflows
The post Elliott Wave Flashes Rebound Signal as 114,000 PEPE Holders Resist $620M Outflows appeared on BitcoinEthereumNews.com.
PEPE Coin price dipped 7% on Saturday, May 24, 2025, to trade at $0.000012, as Ethereum’s second-largest memecoin saw $620 million wiped from its market cap. 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. PEPE Coin (PEPE) Tumbles as Trump Dinner Sparks Memecoin Market Volatility PEPE Coin (PEPE) price faced heavy sell pressure as the broader memecoin market struggled to keep pace with Friday’s broader crypto rally. The decline followed a controversial dinner event involving U.S. President Donald Trump on Friday, where unexpected protests erupted, introducing volatility across top memecoin markets. PEPE Price Action, PEPEUSD | Source: Coingecko The Official Trump price plunged 4.3% within 24-hours of the event, with the sell-offs spilling over across leading memecoins. 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.…
Filed under: News - @ May 24, 2025 7:21 pm