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The sell-off was driven by significant activity in the crypto space, with whales taking profits and investors seeking cover from rising political risks.
The price jump comes amid growing whale accumulation, with top 100 PEPE addresses on Ethereum adding 4.28% to their holdings in 30 days.
PEPE's price is now supported near $0.00000900, with resistance around $0.000009681, and open interest for PEPE futures has risen to near $600 million.
Despite the drop, PEPE's derivatives market activity remains strong, with open interest reaching $560 million and trading volume at $1.2 billion.
The drop in PEPE's value was part of a wider crypto market drawdown, with the CoinDesk 20 index losing 1.8% of its value, and memecoins being especially hard hit.
The CoinDesk Memecoin Index (CDMEME) rose more than 11% in the week, outperforming bitcoin’s 1.4% move.
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