PEPE is showing mixed signals, with price action under pressure even as trading activity accelerates. Trading volume rose 17.01% to approximately $388.3 million despite the broader selling pressure — elevated turnover that underscores how much participation remained in the market even as prices slipped — while a reported security breach at Mercado Bitcoin, one of Brazil's largest cryptocurrency exchanges, has introduced fresh uncertainty around token holdings.

PEPE Faces Selling Pressure Despite Recovery Attempts

Social commentary around the token remains upbeat in places. The X account Whale Alert Desk recently shared an optimistic message about PEPE's long-term potential, joking that it would organize a moon party if the token ever reaches $1 and inviting committed holders to attend wearing green outfits. That brand of community humor has been part of PEPE's identity since the meme token's 2023 debut.

The latest intraday chart, however, tells a different story. PEPE traded at $0.000004719 at the time of writing, a 2.61% decline over 24 hours. The price slid from roughly $0.00000485 to $0.00000460 before buyers pushed the token back toward $0.00000480. Sellers returned before that recovery could develop into sustained upward movement, and the price then settled into a narrower trading range.

Support currently sits near $0.00000460, while resistance is positioned between $0.00000480 and $0.00000485. A break above resistance would support momentum, whereas a break below support could allow further selling to occur.

Earlier Chart Formation Presents a Possible Bullish Scenario

On a longer 3-day timeframe, a chart shared on CoinMarketCap's community platform shows an early five-wave advance that began in late 2023 and ran through November 2024. That structure was followed by an A-B-C correction toward approximately $0.00000627. The chart subsequently identifies a recovery resembling the earlier upward structure, with its annotations suggesting possible fractal repetition across different market periods.

Such formations offer comparisons but do not guarantee identical price movements. Another key reference appears around $0.00002337, a region the chart flags as strong-high liquidity; a breakout from it could help confirm the bullish scenario. That chart, however, is dated May 2, 2025, and its marked levels should not be confused with current intraday support and resistance. The earlier formation is a historical one, not necessarily a contemporary pattern.

Mercado Bitcoin Exploit Adds Uncertainty Around PEPE Holdings

The reported Mercado Bitcoin security breach adds another layer of concern. Security incidents at centralized exchanges remain a recurring operational risk across the crypto industry, and they take on added significance for individual tokens whenever attacker-controlled wallets are reported to hold sizable positions. Lookonchain estimates the stolen assets at more than $46 million, with the attacker reportedly holding 372.99 billion PEPE worth approximately $1.79 million. Other reported holdings include AAVE, PENDLE and VIRTUAL, while Ethereum and Bitcoin account for roughly $16.4 million combined. More than $9 million in stolen assets was reportedly frozen.

Frozen funds do not necessarily represent recovered assets, and investigators must still establish how much remains accessible to the attacker. The reported PEPE holdings also warrant attention from market participants, since potential selling pressure depends on whether those tokens enter accessible markets. A wallet balance alone does not establish an actual sale; transfers, exchange deposits and available liquidity would provide clearer evidence.

Supply figures also put the $1 discussion into perspective. According to a market snapshot, supply stands at approximately 413.77 trillion PEPE tokens, meaning a $1 valuation would translate into roughly $413.77 trillion. Supply of that magnitude is characteristic of meme tokens, which helps explain why per-token prices remain so small.

The near-term focus remains on price action at key timeframes, with buyers needing to defend nearby support and challenge resistance. In the meantime, the situation surrounding the stolen wallet may add to market uncertainty.