Despite the overall selling pressure on the market, trading volume rose 17.01% to about $388.3 million. Mercado Bitcoin breach reports identify 372.99 billion stolen PEPE tokens, valued at ap
The market developments in PEPE are mixed, with selling pressure and rising trading volume teasers of potential changes, alongside reported thefts.
Whale Alert Desk recently shared an optimistic message about PEPE's long-term potential. The account joked about organising a moon party if the token reaches $1. It invited committed holders to attend, wearing green outfits.
Source: X
However, the latest intraday chart presents a different picture. PEPE as of the time of writing traded at $0.000004719, representing a 2.61% decline over 24 hours. Prices began to decline from about $0.00000485 to $0.00000460.
Buyers subsequently pushed the token towards $0.00000480. However, sellers returned before that recovery could develop into sustained upward movement. Price then settled within a narrower trading range.
The support level is currently around $0.00000460. Meanwhile, resistance stands between $0.00000480 and $0.00000485. A break above resistance will be great for the momentum and a break below support would allow more selling to occur.
The longer time frame 3-day chart shows an early five-wave advance. This is a formation that began in late 2023 and is ongoing through November 2024. It was then followed by an A-B-C correction towards the approximate $0.00000627.
The chart subsequently identifies a recovery resembling the earlier upward structure. Its annotations suggest possible fractal repetition across different market periods. Such formations offer comparisons, but do not guarantee identical price movements.
Another important reference appears around $0.00002337. The chart identifies this region as strong-high liquidity. A breakout from it can help confirm the bullish scenario.
That chart is from May 2, 2025, though. Its marked levels must not be mistaken with the current intraday support and resistance. The earlier formation is a historical formation, not necessarily a contemporary one.
The reported Mercado Bitcoin security breach introduces another concern. Lookonchain estimates the stolen assets at more than $46 million. The attacker reportedly holds 372.99 billion PEPE, worth approximately $1.79 million.
Other reported holdings include AAVE, PENDLE and VIRTUAL. Ethereum and Bitcoin account for approximately $16.4 million combined. More than $9 million in stolen assets was reportedly frozen.
The frozen funds do not necessarily represent recovered assets. Investigators must still establish how much remains accessible to the attacker. The reported PEPE holdings also warrant attention from market participants.
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.
The token's supply also puts the $1 discussion into perspective. The supplied market snapshot lists approximately 413.77 trillion PEPE tokens.The $413.77 trillion valuation is based on a one dollar valuation.
The near-term focus in the short term is on price action at key timeframes. Buyers must put up resistance to nearby support and challenge. In the meantime, the stolen wallet situation might add to the confusion.
