The Solana-based memecoin Pepe (PEPE) has declined by 6.1% in the last 24 hours despite a notable ETF filing by Canary. According to PEPE data, the token has fallen 43.4% since April 2025, though it retains minor weekly and monthly gains. The drop coincides with a broader crypto market pullback following Bitcoin‘s rejection at the $72,000 resistance level, highlighting the heightened sensitivity of high-risk assets to macroeconomic and geopolitical uncertainty.
The Solana-based memecoin Pepe (PEPE) has faced a 6.1% price crash despite an ETF filing by Canary. According to CoinGecko’s PEPE data, the token’s price is down 6.1% in the last 24 hours, 0.1% in the 14-day charts, and 43.4% since April 2025. Despite the recent dip, PEPE has maintained some gains in the weekly and monthly charts, rallying 5.3% and 5.8%, respectively.
Pepe saw a rebound after the US and Iran announced a two-week ceasefire. Bitcoin climbed to $72,000, pulling the larger market along with it. However, BTC faced a rejection at the $72,000 level, as it has done on multiple occasions over the last few months. BTC’s correction may have led to a market-wide dip, with high-risk assets like memecoins facing the brunt of the impact.
While Canary’s ETF filing is a bullish development for PEPE, the larger market is not ready for risky investments. Interest rates are still high and a rate cut in April is unlikely. Moreover, the US-Iran ceasefire is still shaky and investor confidence is quite low.
Pepe could see some relief if Bitcoin can break past its current resistance level in the $72,000-$73,000 range. This resistance level has proven to be quite strong, and demand above this price range is very low. If the Federal Reserve lowers interest rates after its May meeting, risky assets could see some positive price movements. However, macroeconomic uncertainties remain a point of concern and geopolitical issues continue to bar investors from risky assets, especially memecoins such as PEPE.
