Why did PEPE drop 1.11% in 1 minute? Evidence check: Pepe falls in a sharp one-minute move while other tracked coins are little changed · 2026-10-23
Pepe dropped in a sharp one-minute move on Gate's PEPE/USDT market, while none of the other tracked coins moved in the same direction and none fell further. On the OKX perpetual swap, funding was positive, open interest was flat and liquidations were mostly longs and heavy relative to open interest. No report in the monitored feeds explains the move, so its cause is unresolved.
A price move is an observation, not evidence for any report.
Price moved beyond its alert threshold
Recent market watch news
Three separate rule-based signals. None is the probability that the report is true. How they work →
Key facts
Nearby report sources (context, not confirmed causes): No matching source available
PEPE changed -1.11% in 1 minute (23/10/2026, 17:29 to 23/10/2026, 17:30, UTC; Gate · USDT). The cause remains unresolved.
On the OKX perpetual swap PEPE-USDT-SWAP around the alert: funding rate +0.0100% per 8h period; open interest +0.04% (23/10/2026, 17:25 → 23/10/2026, 17:30); liquidations $113,878 long / $0 short (UTC). These are conditions that accompanied the move, not its cause.
PEPE after this site detected it
- 5 minutes+0.17%vs BTC +0.13 pp
- 1 hour+0.06%vs BTC +0.20 pp
- 24 hours—Window not complete
The unusual move
| Metric | Value |
|---|---|
| 1 minute return | -1.11% |
| BTC over the same interval | -0.03% |
| Difference from BTC | -1.08 pp |
| OKX perpetual funding rate (per period) | 0.0100% / 8h OKX · PEPE-USDT-SWAP · sampled 23/10/2026, 17:31 (UTC) · Rate observed at collection; not annualized yield or a realized settlement. |
| OKX perpetual open interest change | +0.04% OKX · PEPE-USDT-SWAP · sampled 23/10/2026, 17:31 (UTC) · 23/10/2026, 17:25 → 23/10/2026, 17:30 (UTC) · OI measured in coin units, not dollar value. |
| Observed long liquidations | $113,878 OKX · PEPE-USDT-SWAP · sampled 23/10/2026, 17:31 (UTC) · 23/10/2026, 17:29 → 23/10/2026, 17:31 (UTC) · Returned API records cover this sampled interval; not market-wide totals. |
| Observed short liquidations | $0 OKX · PEPE-USDT-SWAP · sampled 23/10/2026, 17:31 (UTC) · 23/10/2026, 17:29 → 23/10/2026, 17:31 (UTC) · Returned API records cover this sampled interval; not market-wide totals. |
| Detection threshold | 0.70% |
| Actual interval (UTC) | 23/10/2026, 17:29 → 23/10/2026, 17:30 |
| Sampled prices / source | 0.000005 → 0.000005 · Gate · USDT |
Minute samples show an observed interval, not the exact onset of a move. These heuristic thresholds are not calibrated probabilities. No minute-volume claim is made.
What might explain it?
No report in the monitored sources explains this move; the explanation above uses market data only.
Still unresolved
- What prompted the sharp one-minute decline, such as an exchange notice or listing change, a project announcement, on-chain flows or broader market news?
- Do exchange or on-chain records show large long positions being closed around this period, which would confirm the liquidation pattern seen on the OKX perpetual swap?
Model-assisted explanation; citations, numbers and output format are checked. This is not independent semantic verification.
Nearby reports and timing
Research: announcement timestamps and causality →
No matching reports in the monitored sources and time window. Coverage is incomplete.
Source evidence · no linked reports
No source claim linked yet. Market observations are recorded separately.
Original source titles remain in their source language. Full articles are not republished.
Market reaction after detection
Returns start at the sample closest to site detection (within the same minute up to 10 minutes later), using the same data source and quote currency. Actual sample times are shown; missing observations remain blank.
| Window | Return | BTC | Difference from BTC (pp) | Actual sampled interval / source |
|---|---|---|---|---|
| 5 minutes | +0.17% | +0.03% | +0.13 pp | 23/10/2026, 17:31 → 23/10/2026, 17:36 (UTC) Gate · USDT |
| 1 hour | +0.06% | -0.13% | +0.20 pp | 23/10/2026, 17:31 → 23/10/2026, 18:35 (UTC) Gate · USDT |
| 24 hours | — | — | — | Awaiting a complete valid window |
Historical market context · baseline not ready
Research: hourly returns and BTC beta →
Closed hourly candles from the 30 days before this event observation. Different venues are kept separate.
| Metric | Value |
|---|---|
| Hourly coverage | 0.0% (0/720) |
| Median absolute 1h return | — |
| 99th percentile of absolute 1h returns | — |
| Historical hourly BTC beta | — (0 matched returns) |
Gate · USDT · Context as of 23/10/2026, 17:30 · Last included candle closed Not available
Hourly descriptive statistics, not minute-move probabilities. Backfilled history never moves the observation cutoff above.
Event timeline
Source publication, receipt and analysis times are separate. All times UTC.
Price window begins
Price threshold observed
Event first detected by this site
Unusual-move data flash published
English explanation generated
Latest content update
Recent PEPE events and market reactions
No other publication-ready PEPE events yet.
Full coin archive →Get the next PEPE event with its sources: Follow PEPE by RSS →
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