Solana-based memecoin, Pepe, has faced a 6.1% price crash despite an ETF filing by Canary. According to CoinGecko’s PEPE data, the memecoin’s price is down 6.1% in the last 24 hours, 0.1% in the 14-day charts, and 43.4% since April 2025. Despite the price dip, PEPE has maintained some gains in the weekly and monthly charts, rallying 5.3% and 5.8%, respectively. Let’s discuss why PEPE is down today, and if there is any chance of a rebound soon.

PEPE Crashes Despite ETF Filing: Why?

Pepe (PEPE) saw a rebound after the US and Iran announced a two-week ceasefire. Bitcoin (BTC) climbed to $72,000, pulling the larger market along with it. However, BTC faced a rejection at the $72,000 level, as it has done on multiple occasions over the last few months. BTC’s correction may have led to a market-wide dip. Moreover, high-risk assets, especially memecoins such as PEPE, have faced the brunt of the impact.

While Canary’s ETF filing is a bullish development for PEPE, the larger market is not ready for risky investments. Interest rates are still high and a rate cut in April is unlikely. Moreover, the US-Iran ceasefire is still shaky and investor confidence is quite low.

Also Read: Memecoin Madness: DOGE, PEPE Or BONK, Who Wins By 2030?

Pepe (PEPE) could see some relief if Bitcoin (BTC) can break past its current resistance level in the $72,000-$73,000 range. This resistance level has proven to be quite strong, and demand above this price range is very low. If the Federal Reserve lowers interest rates after its May meeting, there is a chance that risky assets could see some positive price movements. However, macroeconomic uncertainties remain a point of concern and geopolitical issues continue to bar investors from risky assets, especially memecoins such as PEPE.