Meme token PEPE has fallen by over 87% from its all-time high price, seen two years back in December 2024. That being said, the less than ideal price action is not discouraging PEPE whales from adding to their holdings, as they recently added 23 trillion units in their wallets.
PEPE faces major decline
PEPE – a leading meme token that gained popularity during the meme coin craze in the latter half of 2023 – has seen a strong fall in value over the past nine months. Specifically, the token has fallen by 73% since May 2025.
The poor price action has, unsurprisingly, dampened the enthusiasm of meme token enthusiasts and investors alike. While some say that the PEPE token is seeing a slow loss in relevance, on-chain movements paint a different picture.
The top PEPE wallets – also called ‘smart money’ addresses – have been quietly accumulating the token. Since November 2025, these wallet addresses have added 23 trillion PEPE tokens to their holdings.
The holding pattern of these wallets sharply contrasts with retail behavior, which tends to sell at local bottoms during periods of high market fear. Meanwhile, so-called smart money wallets are already preparing for a potential future rally.
That said, even if PEPE gains bullish momentum from here, there is a long way for the token to go before it re-enters new all-time high territory. As mentioned earlier, the token is about 87% below its ATH.
Will meme tokens make a comeback?
Meme tokens differ from altcoins in that while the latter typically have some utility and a technical roadmap, the former are purely speculative and are based on the prevailing social trends.
As a result, meme tokens typically carry a lot more risk of falling out of the market’s favor if big wallets engage in major sell-offs.
That said, the Solana ecosystem is showing signs of a resurgence in meme token mania, which could provide just the spark that PEPE needs for a new rally.
