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Pepe Whales Reducing Activity as Meme Coin’s Value Continues Dropping
Sep. 04, 2024. 1 min. read.
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Pepe (PEPE) sees a 26% drop in value as major holders reduce activity amid declining profitability, with transactions plummeting by 86%.
Pepe (PEPE), the frog-themed meme coin, is experiencing a significant downturn as its value has plunged 26% over the past two weeks, with a current trading price of $0.0000071. The decline comes amid reduced trading activity from large holders, often referred to as ‘whales,’ who have been cutting back on transactions as the meme coin struggles with profitability. According to BeInCrypto, transactions ranging from $100K to $1M involving PEPE have plummeted by 86%, underscoring a strong bearish sentiment among its major investors.
PEPE reached a high of $0.0000096 on August 24 but has been on a steady decline since, with many daily transactions ending in losses. This poor performance has prompted PEPE whales to gradually reduce their market exposure. Data from IntoTheBlock reveals that not only has the number of large transactions dropped significantly, but also the netflow of PEPE held by large holders has decreased by 90% in the last month. Netflow measures the difference between coins acquired and those sold or moved, highlighting a marked sell-off among significant stakeholders.
The profitability ratio of daily transactions, standing at 0.62 based on a 7-day moving average, further indicates that losses outnumber profitable trades. This ratio reflects the tough conditions under which the meme coin is operating, with decreasing returns prompting a withdrawal among seasoned investors.
Looking ahead, technical indicators predict more challenges for PEPE. The MACD line on its one-day chart has crossed below the signal line, suggesting weakened momentum and potentially further declines in price. If the current bearish trends continue and demand doesn’t pick up, PEPE’s price could drop to as low as $0.0000059. Conversely, a resurgence in buying could propel its price to $0.0000086, offering a glimmer of hope for its holders.
Source: Pepe (PEPE) Whales Stay Away While Meme Coin Struggles With Losses
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