Pepe ($PEPE) Slides 15% as the Volume-Crown Rally Unwinds, Testing Its November Low

Published November 12, 2026, 10:00 AM PKT. Based on CoinGecko and Binance market data recorded on November 12, 2026 (primary sources), CoinGape reporting on November 10, 2026 and Benzinga reporting on October 31, 2026 (secondary sources), and on-chain reporting by Lookonchain and Arkham Intelligence (secondary sources).

Pepe ($PEPE) fell about 15% in 24 hours to $0.00000458 on November 12, 2026, giving back the rally that had made it the most-traded memecoin two days earlier and testing the level CoinStats identified as its November low.

Binance data recorded at about 4:52 AM UTC put Pepe ($PEPE) at $0.00000458, down 14.71% over 24 hours, with a daily range of $0.00000450 to $0.00000537 and about $79.5 million of spot volume on the exchange. CoinGecko showed a near-identical picture, with Pepe ($PEPE) at $0.00000457, down 14.67% in 24 hours and 9.62% over seven days, a market value of about $1.92 billion and 24-hour trading volume of about $587 million across venues. The token is still up about 14% over 30 days, according to Crypheat, but sits about 84% below its all-time high of $0.00002803, set on December 9, 2024.

The slide is a reversal, not a slow bleed. Two days ago Pepe ($PEPE) was the memecoin market's volume leader. The turn came with almost no help from the wider market: Bitcoin ($BTC) traded at about $73,830 on Binance, flat over 24 hours, so the drop is a Pepe ($PEPE) story rather than a market-wide selloff.

The rally that made Pepe the most-traded memecoin

CoinGape reported on November 10, 2026 that Pepe ($PEPE) had risen more than 30% over the previous month and overtaken Dogecoin ($DOGE) in trading volume, becoming the biggest memecoin by volume. CoinStats reported the same day that Pepe ($PEPE) traded at $0.000005431, up 6.42% in 24 hours, with 24-hour volume of about $693 million, roughly 30% of its then $2.29 billion market value.

The volume crown was not new. Benzinga reported on October 31, 2026 that Pepe ($PEPE) had jumped about 15% in a single day, outperforming Dogecoin ($DOGE) and Shiba Inu ($SHIB), with about $2.03 billion of trading volume that exceeded the combined volume of Dogecoin ($DOGE) and Shiba Inu ($SHIB). Over the seven days to that report, Pepe ($PEPE) rose 5.5% while Dogecoin ($DOGE) fell 5% and Shiba Inu ($SHIB) dropped 6.5%, according to CoinGecko data cited by Benzinga.

Technical traders had been watching a ceiling above the price. Mitrade reported on November 9, 2026 that Pepe ($PEPE) was pressing against the 0.618 Fibonacci retracement at $0.00000534, a zone that had capped rallies repeatedly since January 2026, with the relative strength index near 60 and support at the 0.5 retracement of $0.00000474. Pepe ($PEPE) never closed above that ceiling, and the November 12 low of $0.00000450 on Binance sits below the support Mitrade flagged.

The reversal: 15% in a day, back to the November low

The speed of the turn is the story. ShareBajar data from November 11, 2026 at 9:10 PM UTC already showed Pepe ($PEPE) at $0.00000475, down 10.21% in 24 hours on about $508 million of volume, while Dogecoin ($DOGE) traded at $0.0687, up 0.91% on about $372 million of volume. By the morning of November 12, Pepe ($PEPE) had lost another leg and was sitting on its November low of $0.00000458, the level CoinStats flagged on November 11 as the line that, if broken, could reverse the rally.

CoinStats also reported that the Crypto Fear and Greed Index stood at 30, in Fear territory, with a seven-day average of 33. Pepe ($PEPE) had no single confirmed catalyst for its earlier gains, according to the same report, which described the advance as driven by momentum and speculative flows typical of memecoins. A move built on momentum cuts both ways, and the November 12 drop shows how fast it unwinds when buyers step back.

Derivatives traders had already been repositioning. Reporting on the October 30 volatility noted that Pepe ($PEPE) futures volume had jumped about 59.84% to nearly $1.52 billion while open interest fell about 10.09% to $369.85 million, a combination that points to short-term traders closing and reopening positions rather than building long-term exposure.

The hacker sale the market absorbed, and the whale who bought after it

Pepe ($PEPE) was directly touched by the Binance breach that rattled the market in late October. On October 30, 2026, a wallet linked to the attacker behind the October 29 breach sold 7.77 trillion Pepe ($PEPE), worth about $31.66 million at an average price near $0.0000041, converting the proceeds into Ethereum ($ETH) as part of a wider conversion of stolen altcoins into about 70,480 Ethereum ($ETH), according to Lookonchain data cited by Crypto.news. Binance estimated the breach affected about $6.3 billion in cryptocurrency, with around $3 billion frozen, according to the same reporting.

The sale did not hold the price down. 24/7 Wall St reported that Pepe ($PEPE) still rose about 7% in the 24 hours after the dump, because the $32 million sale was only about 1.5% of daily trading volume. CoinGape reported that on-chain data showed the hacker had finished selling the Pepe ($PEPE) stolen from the exchange. A large wallet then bought the dip: Lookonchain reported that the trader known as dimethyltryptamine.eth bought about 45.08 billion Pepe ($PEPE) for $206,500 shortly after the hacker finished selling, and the token rebounded to $0.00000511, up 12% over 24 hours, according to Coin-Turk.

The resilience did not last into November. Pepe ($PEPE) rose more than 4% in a single hour on November 9, according to CryptoNews, but that burst faded, and the token has now fallen about 15% in a day to the same area where the October 30 dump briefly pushed it.

Justin Sun's wallets, and the ETF waiting room

Large holders remain a central part of the Pepe ($PEPE) story. Arkham Intelligence data cited by CryptoCompass attributes about 2.82% of the Pepe ($PEPE) supply to wallets linked to Justin Sun, the founder of Tron ($TRX), and Coinbird reported that Sun-linked wallets hold about $51 million of the token. Crypto Briefing reported that Sun has emerged as the top individual holder of Pepe ($PEPE), and CryptoNews reported on November 11, 2026 that the token had been climbing since mid-October as Sun became the top individual holder.

CoinStats flagged the risk that concentration carries: if the wallets linked to Sun start sending Pepe ($PEPE) back to the Poloniex exchange, the rally could reverse, according to its analysis. That warning now reads as a live watch item rather than a hypothetical, with the price sitting on its November low.

Institutional access is still pending. Canary Capital filed a Form S-1 for a spot Canary Pepe ($PEPE) exchange-traded fund with the U.S. Securities and Exchange Commission on April 8, 2026, and amended the filing on October 2, 2026, naming Cboe BZX as the planned exchange and BitGo as custodian, according to Blockchain Reporter. The SEC has not declared the registration effective, and there is no fixed deadline. Pepe ($PEPE) has no product, revenue or staking yield, and its own website calls it a memecoin with no intrinsic value or expectation of financial return, so the price depends on sentiment, liquidity and the wider market cycle rather than on fundamentals.

What traders are watching next

Three markers decide whether the slide is a reset or the start of a deeper fall. The first is the November low itself: a daily close below $0.00000458 would confirm the level has broken and put the October 30 dump zone back in play. The second is the ceiling at $0.00000534, the Fibonacci level that capped rallies since January, which Pepe ($PEPE) must reclaim to show buyers are back in control. The third is wallet flow: any large movement from the Sun-linked wallets toward exchanges would be read as distribution, while continued holding would support the case that the dip is being absorbed the way the October 30 hacker sale was.

Bitcoin ($BTC) holding near $73,800 gives the memecoin market a stable backdrop, but it has not lifted Pepe ($PEPE) so far. The token that overtook Dogecoin ($DOGE) in volume two days ago is now fighting to hold the floor under its rally, and the next daily close will say whether the volume crown was a peak or a pause.

Sources

• CoinGecko, Pepe ($PEPE) market data, November 12, 2026 (primary source: price $0.00000457, down 14.67% in 24 hours and 9.62% over seven days, market value about $1.92 billion, rank 46, 24-hour volume about $587 million, all-time high $0.00002803 on December 9, 2024)
• Binance, PEPE/USDT 24-hour ticker and klines, November 12, 2026 (primary source: last price $0.00000458, down 14.71% in 24 hours, 24-hour range $0.00000450 to $0.00000537, spot volume about $79.5 million; Bitcoin ($BTC) at $73,830.15, up 0.01% in 24 hours; latest hourly candle closed 04:00 UTC)
• CryptoNews, Pepe Coin Price Forecast as PEPE Overtakes Dogecoin in Trading Volumes After 30% Rally, November 10, 2026 (secondary source: CoinGape reported Pepe ($PEPE) up more than 30% in the last month to November 10 and now the biggest memecoin by trading volume, overtaking Dogecoin ($DOGE))
• CoinStats, Pepe News Today: Why PEPE Is Up, 11 November 2026, November 11, 2026 (secondary source: Pepe ($PEPE) at $0.000005431, up 6.42% in 24 hours, 24-hour volume about $693.07 million, about 30% of a $2.29 billion market value; November low $0.00000458; Crypto Fear and Greed Index at 30; no single confirmed catalyst for the gains; Justin Sun-linked wallets hold $51 million of the token)
• Benzinga via Webull, Pepe Jumps 15% While Dogecoin, Shiba Inu Slide on Binance Hack, October 31, 2026 (secondary source: Pepe ($PEPE) jumped about 15% in a day with about $2.03 billion of trading volume exceeding Dogecoin ($DOGE) and Shiba Inu ($SHIB) combined; Pepe ($PEPE) up 5.5% over seven days while Dogecoin ($DOGE) fell 5% and Shiba Inu ($SHIB) fell 6.5%; spot netflows flipped to $7.52 million of inflows after $19.86 million of outflows the day before)
• CryptoCompass, Pepe (PEPE) Memecoin Outperforms Dogecoin and Shiba Inu After $6.3 Billion Binance Hack, November 1, 2026 (secondary source: the wallet linked to the Binance hack dumped 7.77 trillion Pepe ($PEPE), valued at about $32 million, according to 24/7 Wall St, and Pepe ($PEPE) still rose 8.5% in 24 hours because the sale was about 1.5% of daily trading volume; Arkham Intelligence attributes about 2.82% of the Pepe ($PEPE) supply to wallets linked to Justin Sun; Binance said the breach affected about $6.3 billion and about $3 billion had been frozen)
• CryptoNews, Pepe (PEPE) Climbs Since Mid-October as Justin Sun Becomes Top Individual Holder, November 11, 2026 (secondary source: Pepe ($PEPE) rose more than 4% in a single hour on November 9; on October 30 the attacker behind the October 29 Binance breach sold 7.77 trillion Pepe ($PEPE) worth about $31.66 million at an average price near $0.0000041, according to Lookonchain data cited by Crypto.news; the token rebounded to $0.00000511 on October 30, up 12% over 24 hours, after a large wallet bought 45.08 billion tokens)
• Coin-Turk, PEPE rebounds 12% as whale buys 45 billion tokens after Binance hacker sell-off, October 30, 2026 (secondary source: Lookonchain reported the trader dimethyltryptamine.eth bought about 45.08 billion Pepe ($PEPE) for $206,500 after the Binance hacker finished dumping the token; the hacker sold about 7.77 trillion Pepe ($PEPE) for about $31.66 million, exchanged for Ethereum ($ETH))
• Mitrade, Top 3 Altcoins to Watch in the Second Week of November 2026, November 9, 2026 (secondary source: Pepe ($PEPE) at $0.00000508, up 3.8% over seven days, pressing against the 0.618 Fibonacci retracement at $0.00000534, a zone that capped rallies repeatedly since January 2026, with the relative strength index near 60 and support at $0.00000474)
• Blockchain Reporter, Pepe Coin Price Prediction 2026-2030: Can PEPE Reach $1?, November 3, 2026 (secondary source: Canary Capital filed a Form S-1 for a spot Canary Pepe ($PEPE) ETF on April 8, 2026 and amended it on October 2, 2026, naming Cboe BZX as the planned exchange and BitGo as custodian; the ten largest wallets held about 41% of circulating supply in January 2026; Pepe ($PEPE) has no product, revenue or staking yield, and its own website calls it a memecoin with no intrinsic value or expectation of financial return)

This article is news reporting and is not investment advice.