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PEPE Witnesses Decline in Whale Activity as Demand Plummets

Release: 2024/06/13 22:03 Reading: 823

Original author:BeInCrypto

Original source:https://beincrypto.com/?p=530770

PEPE Witnesses Decline in Whale Activity as Demand Plummets

Pepe Whale Activity Dwindles, Impacting Meme Coin Price

Over the past month, large-sum transactions involving the PEPE meme coin have significantly declined. This drop in whale activity has contributed to a double-digit price loss for PEPE.

Whale Absence Impacts PEPE

The daily count of PEPE transactions exceeding $100,000 has fallen by 50.44%, while transactions between $1 million and $10 million have decreased by 63.46%.

Reduced whale activity indicates a shift in market sentiment, suggesting a decline in whale interest and confidence in PEPE's short-term growth potential.

Bearish Indicators Emerge

At press time, PEPE trades at $0.00001273, down 13% in the past seven days. On-chain data reveals a 12% drop in unique addresses conducting PEPE transactions.

New demand for PEPE has also plummeted, with a 17% decrease in new addresses created to trade the coin.

Price Prediction

PEPE currently trades below its 20-day Exponential Moving Average (EMA), indicating a shift towards selling. Readings from the Moving Average Convergence Divergence (MACD) confirm this bearish trend.

If the bears maintain control, PEPE could potentially drop further to $0.000011. However, should the bulls regain market share, PEPE may recover and move towards $0.000013.

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