Pepe (PEPE) is bucking today’s market uptick, trading firmly in the red across timeframes even as many crypto assets tick higher. CoinGecko data shows the frog-themed memecoin down 0.6% over 24 hours, 5.1% on the week, 15.7% across 14 days, 13.5% in the past month—and off more than 46% since March 2025. From its December 2024 all-time high of $0.00002803, PEPE has plunged over 88%.
The sell-off follows an extraordinary late-2024 rally in which PEPE and other memecoins surged alongside Bitcoin as BTC pushed past $100,000. Since peaking in December, however, PEPE has trended lower.
Today’s partial market recovery—led by Bitcoin reclaiming the $70,000 level—hasn’t translated into a lift for memecoins. Traders appear to be in a risk-off mood: while BTC and select large-cap tokens look appealing at current levels, speculative memecoins like PEPE are being treated as higher-risk plays.
Looking ahead, a shift in macro policy could change the equation. Expectations of easier monetary policy and potential interest-rate cuts could boost liquidity and spur risk appetite, which historically benefits memecoins. That said, the last two rate cuts did not produce sustained crypto rallies, as broader volatility tied to macroeconomic uncertainty and geopolitical tensions weighed on markets. Continued instability in the Middle East could keep pressure on PEPE in the months ahead.
Bottom line: PEPE’s recovery will likely hinge on a return of risk appetite and a calmer macro/geopolitical backdrop. Until then, the memecoin remains vulnerable to further downside—even as Bitcoin and parts of the market recover.
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