The memecoin sector has, surprisingly, been one of the better-performing sectors over the past week. According to Glassnode data, the collective memecoin market cap has neither grown nor reduced over the past month.

By comparison, Bitcoin [BTC] was down 4.2%, and the crypto AI sector was down 7.2%.

That is not to say that popular memecoins like Pepe [$PEPE] are rallying. Only Memecore [M] had a positive return among the larger-cap memecoins.

$PEPEand Dogecoin [DOGE] were down 3.2% and 1.7%, respectively.

Should investors look at $PEPEas an option?

The “buy the dip” argument is an appealing one for value investors. The popular meme was down 88.4% in 18 months. Moreover, since the October crash, the $0.0000028 region has served as a demand zone.

Surely, multiple months of defense of this key support meant a bounce is nearby?

Not necessarily. Investors may be taking a risk trying to buy $PEPEhere. Moreover, memecoins have a tendency to rally hard when they do begin their run.

Trying to time the bottom could be needlessly risky when investors can wait to follow the trend.

Unfortunately, the trend was not a friend to $PEPEbulls. The weekly chart showed a downtrend in progress. The defense of the $0.0000028-$0.0000031 area over the past two months might not mean a sizeable rally is incoming.

It can also mean that, after weeks of battling, buying pressure is exhausted. This can set up $PEPEfor its next leg southwards.

It was true that the current low at $0.0000031 was important and has been since February 2026. At the same time, the downtrend was overwhelming.

The A/D indicator was falling lower to show sustained selling, and the price has made lower highs over the past two months.

The $0.00000259 level is the next price target. Investors should be extremely cautious about buying the dip on memecoins in the depths of a crypto bear market. It might be better to wait for the trend to shift instead.

Final Summary

• Pepe continued to trade within a strong downtrend.
• The memecoin was more likely to continue its current downtrend than bounce significantly higher from its two-month support level.

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