TLDR
- PEPE trades near $0.00000447, down 1.07% on the day and about 14% over 24 hours
- Futures open interest fell 11% to $338 million, with 94% of $2.63 million in liquidations hitting longs
- Whale wallets withdrew a net $16.9 million over seven days, but added $4 million net to exchanges in 24 hours
- Support sits at $0.0000044 to $0.0000045; resistance is near $0.0000048
- BSCN says PEPE’s market cap is within about 24% of overtaking Shiba Inu
Pepe (PEPE) traded near $0.00000447 on Thursday, November 12. That is down 1.07% on the day. The meme coin is trying to steady itself after a sharp drop.
Over the past 24 hours, PEPE lost about 14%, according to CoinGlass. Its market cap fell toward $1.88 billion. The token had recently traded near $0.0000055.
Derivatives Data Shows Long Traders Took the Hit
Traders in the futures market have been cutting back. PEPE futures open interest fell about 11% to $338 million. Liquidations reached $2.63 million over 24 hours.
About 94% of those liquidations were long positions. That means traders betting on higher prices were hit hardest. Falling open interest alongside falling prices points to positions being closed rather than new bets being opened.
Futures volume came in near $600 million. Spot volume was about $187 million. Derivatives activity is driving much of PEPE’s trading.
Funding rates on futures are negative. That shows traders have leaned toward bearish bets. Data trackers note that crowded short positions can sometimes lead to a squeeze if the price turns up.
Whale activity gives a mixed picture. Deep Blue Alpha data shows 47 tracked wallets withdrew about $34.7 million of PEPE from exchanges over seven days. They deposited $17.8 million in that time, for net withdrawals of about $16.9 million.
The last 24 hours looked different. Those wallets deposited about $8.6 million and withdrew $4.6 million. That is a net inflow of about $4 million to exchanges.
Unlike Bitcoin and Ethereum, PEPE has no US spot ETF flow data to track. Analysts rely on exchange liquidity, derivatives positioning and large-wallet transfers instead.
The news site BSCN shared a different angle on X. It said PEPE is closing in on Shiba Inu (SHIB) in the meme coin rankings, using CoinGecko data from November 11. PEPE’s market cap was about $2.11 billion, against $2.61 billion for SHIB.
PEPE Is Closing In on SHIB in the Memecoin Rankings$PEPE is closing in on $SHIB, according to CoinGecko data as of November 11.
PEPE's market capitalization stands at roughly $2.11 billion, while SHIB's is $2.61 billion.
SHIB currently leads PEPE by 1.24x. A rise of just… pic.twitter.com/DRKwTANWiP
— BSCN (@BSCNews) November 11, 2026
BSCN said PEPE would need to rise about 24% to 25% to pass SHIB, if SHIB stays flat. Over 30 days, PEPE gained about 19% while SHIB declined. PEPE’s trading volume was $696 million, compared with $51 million for SHIB.
Chart Levels Traders Are Watching
The drop pushed PEPE under the lower line of an ascending channel on the daily chart. The channel formed after a recovery in June and July. Buyers defended its lower edge through September and October.
The first support zone sits at $0.0000044 to $0.0000045. A hold there could lead to a bounce toward $0.0000047. That is where the broken trendline may act as resistance.
A move above $0.0000048 would improve the short-term picture. Next come $0.0000050 and the $0.0000053 to $0.0000055 resistance zone.
A daily close below $0.0000044 would open the way to $0.0000040 to $0.0000042. Below that, the chart shows $0.0000037 to $0.0000038 as the next area.
The Relative Strength Index (RSI) reads 46.25. That is under the neutral 50 mark but above oversold levels. The MACD has a bearish crossover, with the MACD line near 0.000000127 and the signal line near 0.000000175.
Analyst CryptoJack asked his followers on X whether PEPE can hold this support zone. His post points to the same $0.0000044 to $0.0000045 area that the chart highlights.
Do you think $PEPE will be able to hold this support zone? pic.twitter.com/H6Q6rwb5Ed
— CryptoJack (@cryptojack) November 11, 2026
A bullish MACD crossover with RSI back above 50 would signal improving momentum. Until then, PEPE trades below $0.0000048.
As of Thursday, PEPE sits near $0.00000447, just above the $0.0000044 support line.
