PEPE slides 5% as hype fades despite Elon Musk's April nod

Pepe (PEPE), one of the most prominent meme coins, is struggling to hold investor interest, falling 4.7% over the past 24 hours to $0.000009499, according to CoinDesk Research's technical analysis model.

The token's sharp decline marks a continuation of its recent downtrend, which has been marked by intense volatility and heavy intraday selling.

Once a retail darling with viral momentum and even a brief nod from Elon Musk back on April 9, PEPE has since slipped in market influence as attention shifts back to Bitcoin. Musk had briefly adopted a PEPE-themed profile picture that day, a move that sent waves through the meme coin space. Still, the hype has largely faded.

This downturn is part of a broader shift across crypto markets, where Bitcoin’s dominance has now climbed above 65%, a level not seen in over two years. The trend suggests growing investor preference for BTC over smaller altcoins, especially during periods of uncertainty and declining risk appetite. That shift is being felt acutely by high-beta assets like PEPE.

Despite brief price rebounds, PEPE remains under pressure, facing resistance near $0.00001013. Its failure to sustain rallies reflects broader rotation away from meme coins, and its future performance may hinge on whether market sentiment returns to riskier assets or stays anchored in large-cap names.

Technical analysis highlights

• PEPE-USD traded within a 16.1% range, falling from $0.00001017 to $0.00000940 between 25 June 09:00 and 26 June 08:00 UTC.
• Strong resistance formed at $0.00001013 during heavy selling between 25 June 14:00 and 16:00 UTC.
• A short-term support zone developed at $0.00000946–$0.00000950, where price bounced repeatedly on moderate volume throughout late 25 June and early 26 June.
• During the final 60 minutes of the analysis window, from 26 June 07:07 to 08:06 UTC, price moved from $0.00000959 to $0.00000955.
• A spike of 91.9 trillion units at 07:17 UTC on 26 June coincided with a brief 3.1% rally.
• Prices slipped 0.9% in the final minutes before close, reflecting short-term profit-taking.