--- title: "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" description: "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…" language: en canonical: "https://whycoinmoves.com/en/events/pepe-move-1792776600" published: 2026-10-23T17:31:00.000Z updated: 2026-10-23T18:35:59.000Z indexable: true --- # 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… Nearby report sources (context, not confirmed causes): No matching source available ## Key facts 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. After site detection, observed returns were 5 minutes: +0.17% (difference from BTC +0.13 pp; 23/10/2026, 17:31 → 23/10/2026, 17:36, UTC; Gate · USDT); 1 hour: +0.06% (difference from BTC +0.20 pp; 23/10/2026, 17:31 → 23/10/2026, 18:35, UTC; Gate · USDT). Unlisted windows are unavailable. ## Returns after site detection | Window | Return | BTC | Difference from BTC | Actual sampled interval (UTC) | Source | | --- | --- | --- | --- | --- | --- | | 5 minutes | +0.17% | +0.03% | +0.13 pp | 23/10/2026, 17:31 → 23/10/2026, 17:36 | Gate · USDT | | 1 hour | +0.06% | -0.13% | +0.20 pp | 23/10/2026, 17:31 → 23/10/2026, 18:35 | Gate · USDT | | 24 hours | — | — | — | — | — | ## Detected price interval | Metric | Value | | --- | --- | | Window | 1 min | | Sampled prices | 0.000004793 → 0.00000474 | | Return / BTC difference | -1.11% / -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 | 0.7% | | Source | Gate · USDT | [Research: announcement timing and causality]() ## Historical hourly baseline | Metric | Value | | --- | --- | | Ready | false | | Coverage | 0.0% (0/720) | | Median absolute hourly return | — | | 99th percentile of absolute hourly returns | — | | BTC beta | — | | Source / cutoff (UTC) | Gate · USDT / 23/10/2026, 17:30 | ## Claims and open questions - 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? ## Source evidence ## Recent PEPE events and market reactions No other publication-ready PEPE events yet. - [Full coin archive]() ## Recent Market watch events on other coins - [IRYS: Why did IRYS go up 4.11% in 1 minute? Evidence check: Irys rises sharply in one-minute move while other tracked coins stay flat · 2026-10-23]() - [PEARL: Why did PEARL drop 3.02% in 1 minute? Evidence check: Pearl falls sharply in one-minute move while other tracked coins hold steady · 2026-10-23]() - [PEARL: Why did PEARL go up 3.08% in 1 minute? Evidence check: Pearl rises sharply in one-minute move while other tracked coins hold flat · 2026-10-23]() - [Market watch]() ## Research for this archive - [Altcoin beta to Bitcoin: BTC, ETH, SOL and DOGE hourly returns]() - [Crypto liquidity and order book depth: a historical data audit]() - [Perpetual funding rates and annualized yield: a 2025 comparison]() - [Bitcoin halving and bull markets: evidence from four halvings]() [Methods and limitations]() Publisher count is not independent evidence count. Price changes cannot verify news or prove causation.