PEPE Faces Bearish Pressure as Whale Activity and Exchange Outflows Trigger 5% Drop

The meme-inspired cryptocurrency PEPE experienced a significant decline of nearly 5% over the past 24 hours, driven by whale selling and notable exchange outflows. The token's price dropped from $0.000012023 to $0.00001119, with trading volume surging to 6.91 trillion tokens in a single hour. Despite brief recovery attempts, late-session trading volumes skyrocketed past 85 trillion tokens, indicating sustained selling pressure. Key support at $0.000011525 failed to attract substantial buying interest, leaving the token vulnerable to further downside. This development highlights the volatility of meme coins and the impact of large holders on market dynamics. As of July 31, 2025, traders are closely monitoring whether PEPE can stabilize or if additional declines are imminent amid shifting market sentiment.

PEPE Slumps 5% Amid Whale Selling and Exchange Outflows

Meme-inspired cryptocurrency Pepe tumbled nearly 5% in the past 24 hours as whale selling and exchange outflows rattled traders. The token plunged from $0.000012023 to $0.00001119, with trading volume spiking to 6.91 trillion tokens in a single hour.

Attempts at recovery were swiftly rejected, with late-session trading volumes surging past 85 trillion tokens. Support at $0.000011525 failed to attract meaningful buying interest, signaling potential further declines.

PEPE underperformed the broader crypto market, with the CoinDesk Memecoin Index (CDMEME) plunging 6%. Whale holdings dropped 0.1% over the past week, while exchange reserves fell 0.5%—a classic distribution pattern that often precedes deeper corrections.

PEPE Price Drops 6% Amid Mixed Technical Signals

PEPE's price fell sharply by 6% to $0.00, with technical indicators presenting conflicting signals. The Relative Strength Index (RSI) at 41.41 suggests neutral conditions, while MACD indicators point to bearish momentum. Trading volume remains robust at $151 million on Binance, indicating sustained interest despite the downturn.

No major news catalysts are driving the current price action, leaving PEPE vulnerable to technical selling pressure. Bollinger Bands show the asset nearing lower support levels, potentially creating a buying opportunity for traders anticipating a rebound.

Hyperliquid API Outage Leaves Traders Stranded During Critical Market Shift

Hyperliquid's decentralized exchange suffered a 27-minute API failure on July 29, freezing all trading activity during a pivotal market reversal. The outage, occurring between 14:20 and 14:47 UTC, blocked access to positions, stop-loss orders, and account management—despite the chain continuing to produce blocks.

The disruption coincided with abnormal funding rate activity and left traders like James Wynn exposed, with his PEPE long position undergoing partial liquidations during the blackout. Market participants raised concerns about platform stability as the outage overlapped with a volatile crypto trend reversal, sparking theories ranging from systemic flaws to coordinated attacks.