PEPE fell 12% over 24 hours as of Sept. 24, making it the worst-performing memecoin among the top 100 cryptocurrencies by market capitalization, despite gaining about 27% over the previous week. The decline followed a 10-day rally and coincided with selling from holders who received $2.84 million in PEPE through StonkFun’s FEELSGOOD reward system. Open interest dropped from $400 million to $334 million, while trading volume fell from $1.32 billion to about $727 million, according to CoinGlass. PEPE was retesting its previous higher high near $0.0000040 after breaking out of an inverted head-and-shoulders pattern, with fading MACD bars indicating weaker bullish momentum. A continued pullback could take the token toward $0.0000030, while holding the level could open a move toward $0.0000050 or higher. Ali Martinez also said Pudgy Penguins may be entering a cycle resembling PEPE’s 2024 expansion, although that potential projection depends on broader crypto-market strength extending into the next quarter.