Whales Pulling Out: Is Pepe Price Headed for a Deeper Crash?

9月19日

Whales Pulling Out: Is Pepe Price Headed for a Deeper Crash?
Pepe Whales holdings have dropped by 1.71% in the past month causing a 20% drop in price.
The active addresses have dropped to a three month low indicating a decreased user engagement.

While Bitcoin was headed to conquer 64K in September, Pepe was found struggling near the lows. Amid the improving market sentiments, the meme coin has failed to grab the attention of investors.

At the time of writing, Pepe was trading close to $0.00000787 recording a positive gain of 4.4% a day. The crypto was consolidating for the last couple of months looking for a firm footing near the lows.

Earlier in August, the crypto attempted a recovery after a consolidation. However, Pepe whales dumped a significant amount of supply, and the price crashed by over 20% falling back into the consolidation zone.

Also, the meme coin has noted a dip in trading activity in the recent sessions putting it in a worse scenario.
Pepe Whales Exit Market: What’s Next?
Pepe has emerged as one of the top underperforming coins in the last couple of months. At the top of it, the top holders also known as whales exit from the market has increased the concern of Pepe Investors.

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Over the last 1 month, Pepe Whale holding has dropped from 46.76% in August to 45.05% at the moment. The whales have sold nearly 1.71% of the total supply worth of $56.43 Million causing a price drop of over 20%.

The top addresses or whales are the players with large investment amounts and more resources. Hence they tend to be on the right side of the trend for most of the time. The selloff by whales dragged Pepe's price back to the struggling zone.

<iframe title="Santiment Chart: Price (PEPE), Active Addresses 7d (PEPE), Active Addresses 24h (PEPE)" width="800" height="425" src="embed.santiment.net/chart?ps=pepe&pt=PEPE&df=2024-06-18T18:30:01.426Z&dt=2024-09-19T18:29:59.426Z&emcg=1&emhwm=1&wm=price_usd;active_addresses_7d;active_addresses_24h&wax=0&wc=#26C953;#FFCB47;#FF5B5B&ws={"node":"area"};;" scrolling="no"></iframe>

Moreover, As per Santiment an on-chain data provider, the 24 hour as well as 7 day active addresses have dropped to a three month low value. The reduced active addresses suggest low user engagement which decreases liquidity. Lower liquidity can make it tough for the trader and investors to open trades at their desired price.
Can Pepe Break Out Of Consolidation Or Continue To Struggle?
The first half of this year has been very fruitful for the memecoin investors. Most of the meme coins surged over 50 to 100% with Pepe one of the top leaders. However, the second half of this year has been very tough for them till now.

Pepe has crashed nearly 55% from its annual high. The annual high was attained in May at $0.0000172. Also, the whale's exit in the last months added worse to the price fall. As a result, the struggle may go on in the upcoming sessions as well.

Over the daily chart, Pepe has stepped below all the key Exponential moving averages which may now act as a dynamic resistance for them. Currently, the price exhibits a consolidation indicating a sideways trend in the short term.

A breakdown below the consolidation may validate the presence of sellers and a more worse scenario ahead. On the contrary, a breakout on the higher side may bring back hopes of recovery to the Investors. The short term traders and investors need to keep a closer look over a breakout or breakdown scenario.