PEPE Meme Coin's Trading Activity Collapses by 90%—Is a Deeper Price Correction Imminent?

The meme coin landscape is witnessing a dramatic shift as Pepe (PEPE) confronts a crisis in trading momentum. With trading volume plummeting 90% from its peak, questions mount about whether this third-largest meme coin by market cap can sustain its current valuation or if steeper losses lie ahead.

The Erosion of Market Interest in PEPE

Recent data reveals a troubling pattern for the Pepe trading community. What once showed robust exchange activity has deteriorated significantly. According to market tracking data, PEPE’s 24-hour trading volume now stands at $2.05 million—a stark contrast to the billions that once moved through markets when sentiment ran hot. Over the past week, PEPE declined 2.71%, while the 30-day performance shows a deeper erosion of -13.94%, signaling sustained selling pressure.

Futures markets tell a similar story. Open interest in PEPE derivatives has contracted substantially, indicating that traders are reducing leveraged positions. This reduction in speculative activity often precedes further price weakness, as market participants become increasingly risk-averse.

Technical Landscape: Can PEPE Find Support?

The price action suggests PEPE is searching for a bottom, though confirmation remains elusive. On shorter timeframes, the token appears to be forming a pattern around the $0.000010 level, which could represent a temporary stabilization point. For bullish confirmation, price would need to decisively break above $0.000011 resistance.

However, the prevailing technical bias remains bearish. The confluence of lower trading volumes, declining open interest, and persistent downward pressure suggests that any relief rally could face renewed selling. If support at $0.000010 fails to hold, technical targets point toward $0.0000090 as the next significant level, with June lows representing a psychological floor.

Positioning Within the Meme Coin Universe

Despite the current weakness, PEPE maintains its rank among the elite meme coins, with a market cap holding steady at $1.70 billion. The token still commands a substantial lead over competing meme projects, though the dominance that once seemed assured now faces constant scrutiny. The meme coin category itself is experiencing a broadening effect, with capital rotating across different tokens based on fleeting narratives.

The Path Forward

While the scenario of PEPE reaching zero remains improbable in practical terms, the current momentum suggests further consolidation or modest additional weakness is more likely in the near term. The real question for meme coin investors is whether trading activity will re-engage at higher price levels or whether this category will continue cycling through periods of euphoria and extended dormancy.