Is Pepe Price Bottoming Out?

Key Takeaways:

• Pepe reached a new ATH of $0.000028 on Dec. 9.
• After rising in November and December, the price began to decline.
• Some whales have started selling their Pepe holdings.

Pepe (PEPE) saw growth throughout November, but the price started declining in mid-December, briefly approaching $0.000010.

The last quarter of 2024 was positive for PEPE. On Dec. 9, the meme coin reached an all-time high of $0.000028. The price then dropped sharply to $0.000014 on Dec. 20 and attempted several times to consolidate above $0.000020.

The decline continued in 2025, with Pepe falling to $0.000011.

The outlook for Pepe remains uncertain. Some community members are critical, while others argue it is too early to call the project dead.

Pepe remains one of the top five meme coins by market capitalization. It is currently ranked third with a $5.4 billion market cap, while Official Trump (TRUMP) is close behind at $5.1 billion.

Are the Pepe Whales Capitulating?

Lookonchain has observed activity from large PEPE holders. On Jan. 26–27, some whales sold off their meme coin holdings.

One of the largest holders sold 430 billion PEPE for approximately $6.39 million on Jan. 26.

Many whales have recently sold off their entire $PEPE holdings.

0xfBfC…07Be deposited 430B $PEPE($6.39M) to #Binance 9 hours ago.

marketparticipant.eth deposited 325.5B $PEPE($4.9M) to #Binance 24 hours ago.

0xb1a2…6731 sold 200.88B $PEPE for 2.85M $USDC in the past 48… pic.twitter.com/oJlJpEUbtv

— Lookonchain (@lookonchain) January 27, 2025

On Jan. 1, a whale holding around 2.1 trillion PEPE transferred the tokens to another address without selling. This holder initially bought PEPE in April 2023, when the price was $0.00000019. Despite the recent correction, the position remains profitable.

Look at this trade, per Lookonchain.

This $PEPE whale bought 2.1 trillion of $PEPE for $27 (0.0135 ETH).

He waited 600 days and transferred the assets, now worth $52 million, to a new address.

A 1,900,000x return. pic.twitter.com/R3mjkbBjxG

— unusual_whales (@unusual_whales) January 1, 2025

CoinCarp data shows that the number of PEPE holders increased from 369,669 on Jan. 2 to 396,154 by the end of the month, a growth of about 7.16%.

Is the Future of the Meme Coin Uncertain?

PEPE’s price dropped nearly 60% from its ATH to $0.000014, the lowest in 30 days.

Some traders took advantage of the decline. Crypto trader Shah considers the correction “healthy.” He also points to Base, the second network after Ethereum on which PEPE operates, as having the potential to impact the price.

$PEPE (BasedPepe) one of my favorite base charts right now

healthy retracement and almost tapped the global golden pocket FIB recently

Been adding on dips, believe in something market soon and with the attention base has recently got bc of AI, bullish for the memes. pic.twitter.com/v1c15l8cve

— shah (@shahh) January 31, 2025

PEPE’s correction may be in line with broader market trends, as most meme coins and altcoins remain in a large trading range.

One example is Popcat (POPCAT), which was among the fastest-growing meme coins in Q3–Q4 of 2024 and ranked in the top 10 in its category. However, it has now moved into the weak category based on RSI indicators, while many meme coins remain in a neutral zone.

Another trader, Kaleo, is also optimistic about PEPE’s future. He suggests that meme coins may still see further declines but could have a chance for recovery.

As much as I'd like the bottom for memes to be in, still think there's a good chance we see one more flush looking at HTF trend breakdowns like this one for $PEPE.

Setting some stink bids in this range. If they hit, we ride them to valhalla. pic.twitter.com/8DfAvqEc09

— K A L E O (@CryptoKaleo) January 30, 2025

The meme coin market remains volatile and unpredictable. While it attracts traders with potentially high returns, projects often have short lifespans, leading to price declines.

One of PEPE’s advantages is its strong growth in November and December 2024. This has helped build a large community, making it the leading meme coin in the frog-themed category.

Also, one of the interesting facts about the crypto market in December 2024 was the “comeback” of NFTs. That month, the Pudgy Penguins token (PENGU) was launched, surging by more than 500% in just a few days after its airdrop.

The NFT market, which had seemed dead, became one of the most liquid sectors in the crypto space. Blockworks researchers calculated that PENGU’s price grew by 2,009% YTD. For comparison, as of December, Solana (SOL) had risen by 1,850%.

Among the top 25 coins by market cap, only PEPE outperformed PENGU and another NFT collection, Milady, with an 8,328% YTD gain.