Pepe's Rally Unravels Amid Macro-Driven Risk-Off

Pepe's (PEPE) price dropped by over 13% in 24 hours, marking the end of its recent rally. This decline was largely due to a correction after an overextended run, amplified by leveraged positioning and a broader risk-off move across crypto.

The rally into resistance saw PEPE hit a nine-month high near 0.0000049-0.0000053. However, technical analysts warned that failure to hold above the 0.0000048-0.0000055 zone could send price back toward 0.0000023-0.0000032.

The selling pressure was further amplified by heavily bid up derivatives and short-term speculation in PEPE and other meme coins. This led to a wave of long liquidations across the market, with altcoins disproportionately affected.