Pepe coin price forms potential base after 73% collapse — will 23T whale accumulation spark reversal?
#BitcoinGoogleSearchesSurge Pepe coin price is hovering near a critical support zone as large holders quietly accumulate 23.02 trillion tokens despite a 73% market cap drawdown.
Pepe was trading at $0.0000036 at press time, down about 6% in the last 24 hours. Losses extend across higher timeframes. The token is off 16% in the past week and nearly 42% over the past month, reflecting persistent pressure in the meme coin segment.
Spot activity has cooled. Trading volume slipped 13% to $274 million, suggesting participation remains selective. In derivatives markets, futures volume declined 12% to $430 million, while open interest rose 10% to $221 million, according to CoinGlass data.
When open interest increases as price drifts lower, it often suggests fresh short positioning rather than aggressive long exposure.
Large holders continue accumulating despite 73% drawdown
On-chain data, however, presents a different layer of the story.
Santiment reported on Feb. 11 that the top 100 Pepe pepe-3.82%Pepe wallets have accumulated 23.02 trillion tokens over the past four months. The buying began around the October market correction and has continued steadily, even as broader sentiment toward meme coins remains weak.
This accumulation has taken place while PEPE has lost roughly 73% of its market capitalization from its cycle high nearly nine months ago. That context matters.
When large wallets absorb supply during extended declines, circulating liquidity tightens. There are fewer tokens available for purchase. Because overhead supply has already been decreased, the price can move more quickly if demand later returns, even slightly.