PEPE Coin experienced nearly a 7% drop over the past 24 hours, sinking to $0.000012. Despite this decrease, which led to the loss of $620 million in market value within a day, on-chain data indicates that over 114,000 wallets continue to hold onto PEPE, even in loss. Analysts are observing a potential recovery signified by an emerging Elliott Wave formation in technical analysis.
Reasons Behind PEPE Coin’s Price Decline
The significant downturn in PEPE Coin’s value is linked to increased political risk perceptions towards memecoins following an event held by U.S. President Donald Trump. Protests at the event, alongside the rekindling of discussions on the regulation of the USD1 stablecoin supported by Trump, heightened the uncertainty. The suspension of stablecoin regulation proposals by U.S. policymakers pushed investors to withdraw from memecoins.
Although PEPE still maintains a weekly gain of over 10%, the backing of projects by Trump, along with global examples such as Argentine President Javier Milei’s involvement with the Solana 
$145-based Libra memecoin, have unsettled investors. This uncertainty caused PEPE to lose 7.2% and 6.7% against BTC and ETH, respectively.
114,000 Wallets Hold On in the Memecoin Market
Data from IntoTheBlock reveals that despite 113,690 wallet addresses (accounting for 25.71% of the total) holding PEPE are in loss, they have refrained from selling. Historically, such resilience reflects investors’ long-term faith in the asset and an expectation for a sudden recovery. Particularly, 66,590 wallets acquiring 58.5 trillion PEPE at the $0.000011 level create a robust support at these low prices.
In technical analysis, a developing Elliott Wave pattern on the daily chart suggests a fifth-wave ascent targeting $0.00001632. PEPE’s current consolidation at $0.00001395, coupled with Ethereum 
$2,521‘s retention above $2,600, may amplify recovery chances. Nevertheless, if the $0.000013 support breaks, there is a risk of prices retreating to $0.000010.
