Over the past 24 hours, Pepe (PEPE) has tumbled 9.44%, settling at $0.00000417—a steeper decline than the broader cryptocurrency market’s 6.31% drop. This latest slide extends PEPE’s losses on both weekly and monthly timeframes, underscoring its vulnerability amid shifting market dynamics. The downturn stems from a confluence of macro pressures, concentrated selling by large holders, and deteriorating technical structure.
The broader crypto ecosystem faced renewed risk-off sentiment on February 1, 2026, with total market capitalization falling to $2.66 trillion. Bitcoin led the retreat, slipping 2% to $87,800, which in turn dragged down high-beta assets like PEPE. As a speculative meme coin, PEPE tends to amplify market moves—particularly during periods of fear. With the Crypto Fear & Greed Index plunging to 18 (“Extreme Fear”), traders have been rapidly shedding volatile positions in favor of safer alternatives, leaving tokens like PEPE exposed to outsized volatility.
Compounding this pressure, on-chain data reveals that whales have offloaded approximately 2.86 trillion PEPE since late December 2025. This wave of profit-taking coincided with a 30.45% surge in 24-hour trading volume, which spiked to nearly $598 million—clear evidence of aggressive distribution. In a low-liquidity environment like PEPE’s, such concentrated selling can overwhelm retail demand, accelerating price declines. Heightened caution ahead of the Federal Reserve’s upcoming policy decision likely intensified this dynamic, especially after prominent voices advised de-risking from volatile assets including PEPE.
Technically, the token’s chart has turned decisively bearish. PEPE now trades below both its 7-day ($0.00000474) and 30-day ($0.00000562) simple moving averages and has breached the critical 78.6% Fibonacci retracement level near $0.00000468. With the 14-day RSI hovering at 32.93—indicating bearish momentum without yet reaching oversold extremes—the path of least resistance remains downward. The breakdown of these key supports has likely triggered algorithmic stop-losses and deterred new buyers, reinforcing the downtrend.
Looking ahead, all eyes are on whether PEPE can defend the psychological $0.0000040 floor and whether whale selling will ease following the Fed’s announcement. Given its sensitivity to both market sentiment and large-holder behavior, PEPE’s near-term trajectory hinges on broader macro clarity and a potential shift in risk appetite.
