PEPE: Whale behavior exhibits concerning signs

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  • Lookonchain’s data revealed that whales were sell­ing their PEPE holdings. 
  • Sup­ply out­side of exchanges decreased, but pos­i­tive sen­ti­ment went up. 

Pepe’s [PEPE] price has remained bear­ish for weeks now, caus­ing a sig­nif­i­cant reduc­tion in the memecoin’s mar­ket cap. Con­sid­er­ing the press time mar­ket trend, the pos­si­bil­i­ty of PEPE los­ing its spot on the list of the top 100 cryp­tos by mar­ket cap seemed pret­ty like­ly to hap­pen soon. 

How much are 1,10,100 PEPEs worth today?

Accord­ing to Coin­Mar­ket­Cap, PEPE’s price had declined by 28% and 14% in the last sev­en days and past 24 hours, respec­tive­ly. At the time of writ­ing, the coin was trad­ing at $0.000001018 with a mar­ket cap of over $398 mil­lion, mak­ing it the 87th largest cryp­to by mar­ket cap. 

To add to the dread, PEPE’s price decline was accom­pa­nied by a mas­sive increase in its trad­ing vol­ume – over 100% – typ­i­cal­ly a bear­ish signal. 

Whales are selling

Lookonchain’s data revealed that whales were actu­al­ly sell­ing their assets. This sug­gest­ed that big play­ers were los­ing con­fi­dence in the memecoin. 

As per the tweet, a whale made 1,182 Ether [ETH] on PEPE and sold 375.8 bil­lion PEPE worth $306,000 at a loss of 76 ETH. Anoth­er whale who made $352,000 on PEPE sold 257.9 bil­lion PEPE at a loss of $35,000. 

What these indicators mean

A look at PEPE’s 4‑hour chart revealed that the bears clear­ly had an advan­tage. The MACD’s data sug­gest­ed that bulls were nowhere close to bears. More­over, the 20-day Expo­nen­tial Mov­ing Aver­age (EMA) was rest­ing below the 55-day EMA. 

How­ev­er, both the Rel­a­tive Strength Index (RSI) and Mon­ey Flow Index (MFI) were both in over­sold zones, which could increase buy­ing pres­sure over the com­ing days. 

Source: Trad­ingView

Should a trend reversal be expected?

Met­rics sug­gest­ed that the coin was still under sell­ing pres­sure. PEPE’s sup­ply on exchanges increased sub­stan­tial­ly while its sup­ply out­side of exchanges declined. How­ev­er, investors still had high hopes as the total num­ber of hold­ers remained sta­ble over the last sev­en days. 

Source: San­ti­ment

The memecoin’s MVRV Ratio also plum­met­ed sharply. This decreased the chances of a sud­den north­bound price movement. 

How­ev­er, it was inter­est­ing to note that despite the mas­sive­ly bear­ish price action, pos­i­tive sen­ti­ment around PEPE increased in the last sev­en days. 

Source: San­ti­ment

Real­is­tic or not, here’s PEPE mar­ket cap in BTC‘s terms

How are DOGE and SHIB faring?

The entire meme­coin ecosys­tem seems to have been going through a tough time. Doge­coin [DOGE] and Shi­ba Inu [INU] both reg­is­tered price declines over the last 24 hours and past week, which looked concerning. 

How­ev­er, their sit­u­a­tion was not as dire as PEPE’s, as the price decline was not in dou­ble dig­its. At press time, DOGE was trad­ing at $0.06672, while SHIB’s val­ue was $0.000008033.

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