--- title: "PEPE Falls 15% as Futures Liquidations Hit Memecoin Rally | MemeBlock" description: "PEPE dropped around 14–15% as leveraged long liquidations, changing whale flows and broader crypto weakness pressured the memecoin." last_updated: "2026-11-02" --- Latest News / MEMEBLOCK # PEPE's Trading Rally Reverses As Liquidations Hit Leveraged Buyers PEPE reversed its recent trading rally with a sharp November 12 decline. Futures liquidations and changing exchange flows added pressure as the wider cryptocurrency market weakened. [A. Nav](/author/a-nav/) · $Pepe · Ethereum November 13, 2026 8 min read A Pepe-themed cryptocurrency coin beside a falling red market chart, showing a sharp 15% decline. PEPE's November rally reversed as leveraged liquidations and broader crypto market weakness increased selling pressure. SHARE THIS STORY Key takeaways - PEPE lost approximately 14–15% over 24 hours on November 12. - The decline followed a period of elevated memecoin trading activity. - Leveraged long positions accounted for most reported PEPE futures liquidations. - Monitored whale wallets showed different flow patterns across weekly and daily windows. - November 13 data showed a slower pace of decline but no confirmed sustained recovery. Pepe (PEPE) experienced a sharp market reversal on November 12, 2026, after attracting renewed attention during an earlier memecoin trading rally. The Ethereum-based token declined approximately 14% to 15% over 24 hours, reaching the $0.0000045 area in market observations from Binance and CoinGecko. The decline coincided with forced closures of leveraged futures positions, changing exchange-wallet flows and weakness across the wider cryptocurrency market. The reversal followed a period when PEPE had become one of the most actively traded memecoins. Its earlier trading surge attracted market attention, but the subsequent decline demonstrated that elevated turnover does not necessarily indicate lasting demand. Derivatives data and monitored wallet movements offer additional information about how traders responded as the price moved lower. ## PEPE's Trading Momentum Reversed After a Stronger Start to November PEPE entered the second week of November with increased market visibility. CoinGape reported on November 10 that the token had gained more than 30% over the preceding month and had overtaken Dogecoin in trading volume. CoinStats data cited in that coverage placed PEPE near $0.000005431, with approximately $693 million in 24-hour trading volume. The increase in activity was significant because PEPE was competing for attention in a market where Dogecoin and Shiba Inu have traditionally attracted substantial memecoin trading interest. Higher volume made PEPE more prominent among traders, although it did not establish whether the activity came from long-term investors, short-term speculators or leveraged participants. The rally also followed another period of strong trading activity in late October. Benzinga reported on October 31 that PEPE had gained approximately 15% in a day, with its reported trading volume exceeding the combined volume of Dogecoin and Shiba Inu during that observation. These separate trading episodes show that PEPE had already become a focus for speculative activity before the November reversal. ## November 12 Selloff Pushed PEPE Toward Its Recent Low The decline became increasingly visible during November 11. Market data cited by MABOnChain showed PEPE trading near $0.00000475 late that day, with a 24-hour loss of approximately 10.21%. By November 12, Binance recorded a price near $0.00000458, down approximately 14.71% over 24 hours. CoinGecko recorded a similar market observation, placing PEPE near $0.00000457 with a 24-hour decline of approximately 14.67%. The close agreement between these two market sources supports describing the move as a decline of roughly 15%, while the exact percentage depends on the exchange and measurement time. The price movement also brought PEPE close to the November low identified in earlier market reporting. The important development was not simply the percentage decline, but the speed with which the token surrendered its recent gains. A rally supported by active speculative trading can reverse quickly when buyers reduce exposure and sellers become more aggressive. ## Leveraged Futures Traders Took the Heaviest Hit Derivatives data provides a clearer view of the pressure experienced by bullish traders during the decline. According to [Gate's November 12 report](https://www.gate.com/news/detail/PEPE/pepe-memecoin-falls-14-on-november-12-despite-169m-whale-withdrawals-25577956), approximately $2.62 million in PEPE futures positions were liquidated over a 24-hour period. Long positions accounted for roughly 94% of the reported liquidations. A long futures position is designed to benefit when an asset's price rises. Traders using leverage can control a larger position than their initial margin would otherwise permit, but this also increases the risk of forced closure when the market moves against them. If available margin becomes insufficient, an exchange can automatically liquidate the position. The same report placed PEPE futures open interest near $339 million after a decline of approximately 10%. Open interest measures the outstanding value of derivatives contracts that remain open. A reduction can reflect traders closing positions, although changes in the token's market price can also affect the dollar value of the measurement. These figures indicate that leveraged bullish exposure was being reduced during the selloff. They do not establish that futures liquidations alone caused the spot-market decline, but they help explain why selling pressure could intensify once prices started moving lower. ## Whale Wallet Activity Presented a Mixed Picture Large-wallet transfers added another dimension to the market movement. Data attributed to Deep Blue Alpha and reported by Gate tracked 47 whale wallets that withdrew approximately $34.7 million worth of PEPE from exchanges over seven days. Those wallets deposited approximately $17.8 million during the same period, resulting in net withdrawals of around $16.9 million across 225 tracked transfers. The shorter reporting window showed a different pattern. During the latest 24-hour period covered by the report, the monitored wallets deposited approximately $8.6 million worth of PEPE and withdrew around $4.6 million. That represented approximately $4 million in net exchange deposits. This difference matters because exchange withdrawals and deposits are not direct records of completed purchases and sales. A withdrawal can indicate that tokens are moving away from immediately accessible exchange balances, but it does not prove that the holder intends to retain them. Deposits can make tokens available for trading without confirming that a sale has taken place. The available wallet sample therefore does not support a simple claim that whales were uniformly accumulating or selling PEPE. Instead, it shows that large holders were moving tokens in different directions while the market was experiencing substantial volatility. ## Wider Cryptocurrency Weakness Added Pressure PEPE's decline occurred during a broader period of weakness in digital assets. A November 12 market snapshot published by [TokenPost](https://www.tokenpost.com/news/investing/55629) showed that 75 of the 89 largest cryptocurrencies, excluding stablecoins, had fallen over the measured 24-hour period. Bitcoin was down approximately 1.34%, while Ether had declined around 1.55% in that snapshot. PEPE's loss was considerably larger than the changes recorded by those two major cryptocurrencies. This indicates that the token experienced additional downside volatility beyond the movement in the broader market. Its speculative trading profile and derivatives exposure are relevant considerations when assessing that difference. CoinMarketCap's November 13 analysis also described a broader risk-off environment accompanied by cryptocurrency derivatives liquidations. Its report noted a decline in total cryptocurrency market capitalization and discussed how higher-volatility assets could experience larger moves during periods of reduced risk appetite. The available evidence therefore points to a combination of wider market weakness and PEPE-specific trading dynamics. It does not identify one confirmed project announcement or fundamental event as the sole trigger for the decline. ## Technical Levels Traders Are Watching The selloff brought several price areas into focus for traders following PEPE's short-term chart structure. [CoinCentral's November 12 technical analysis](https://coincentral.com/pepe-price-breaks-below-channel-support-as-rally-fades-whats-next/) identified an initial support area between approximately $0.0000044 and $0.0000045, close to the intraday levels observed during the decline. The same analysis identified resistance near $0.0000048, followed by the psychologically important $0.0000050 area. These are chart-based reference levels rather than guaranteed turning points. A support area can attract buying interest, but it can also fail if available demand is insufficient. Technical indicators also provide context for the market's momentum. CoinCentral reported a relative strength index reading below the neutral 50 level and a bearish MACD crossover in its November 12 analysis. These observations suggested weaker short-term momentum at the time of publication, rather than establishing a prediction about PEPE's next price movement. ## November 13 Market Data Shows a Slower Decline A later market observation provides a separate view of PEPE after the November 12 selloff. [CoinMarketCap's November 13 PEPE update](https://coinmarketcap.com/cmc-ai/pepe/latest-updates/) placed the token near $0.00000456, with a smaller 24-hour decline of approximately 0.514% in that snapshot. Reported trading volume was also lower than in the preceding observation. This change suggests that the immediate pace of selling had moderated by the time of the later measurement. However, a slower decline is not enough to confirm that PEPE has entered a sustained recovery. Traders would need to observe continued demand, improving spot-market participation and greater price stability before drawing that conclusion. The different readings across November 12 and November 13 also demonstrate why market reports need clear timestamps. A percentage decline is calculated over a moving 24-hour window, so two publications can show different figures without necessarily contradicting one another. ## What the Reversal Reveals About Memecoin Trading PEPE's recent performance highlights the difference between market activity and durable demand. High turnover can make a token more visible and attract new participants, but it does not establish that buyers will continue supporting its price when sentiment changes. The episode also demonstrates why derivatives exposure and exchange-wallet movements should be examined separately. Futures liquidations show that leveraged positions were forcibly closed, while wallet transfers reveal movements between monitored addresses and exchanges. Neither dataset independently explains every spot-market transaction. For the wider memecoin market, PEPE's reversal provides a useful example of how speculative momentum can change rapidly. Traders evaluating similar assets need to distinguish trading volume from liquidity, open interest from actual spot demand, and wallet transfers from confirmed buying or selling. ## Conclusion PEPE's November selloff followed a period of elevated trading interest and coincided with substantial liquidations of leveraged long positions. Monitored whale wallets showed mixed exchange activity, while broader cryptocurrency weakness added pressure to an already volatile market. The November 13 snapshot showed a slower decline, but the available evidence does not establish a lasting recovery. PEPE's next market direction will depend on how spot demand, derivatives positioning and wider cryptocurrency sentiment develop after the reversal. ## Frequently Asked Questions 1. What happened to PEPE on November 12, 2026? PEPE experienced a sharp decline of approximately 14% to 15% over 24 hours, reaching the $0.0000045 area in market observations. 2. What does a futures liquidation mean? A futures liquidation occurs when an exchange automatically closes a leveraged position because the trader no longer has sufficient margin to maintain it. 3. Does a whale withdrawal mean that PEPE was purchased? No. A withdrawal records a transfer away from an exchange address. It does not independently prove when the tokens were acquired or what the holder intends to do with them. 4. What is open interest in cryptocurrency trading? Open interest measures the outstanding value or number of derivatives contracts that have not been closed or settled. 5. Did PEPE begin recovering on November 13? The later market snapshot showed a smaller 24-hour decline, but that alone does not confirm a sustained recovery. 6. Why can PEPE move more sharply than Bitcoin? Memecoins can be more sensitive to speculative trading, liquidity changes and leveraged positioning. These factors can contribute to larger percentage movements during market stress. Sources & further reading - [https://mabonchain.com/news/pepe-pepe-slides-15-percent-volume-crown-rally-unwinds/](https://mabonchain.com/news/pepe-pepe-slides-15-percent-volume-crown-rally-unwinds/) - [https://coinmarketcap.com/cmc-ai/pepe/latest-updates/](https://coinmarketcap.com/cmc-ai/pepe/latest-updates/) - [https://coinmarketcap.com/top-stories/6af67e400ada0c77afae3174/](https://coinmarketcap.com/top-stories/6af67e400ada0c77afae3174/) ## Sitemap See the full [MemeBlock sitemap](/sitemap.md) for all pages.