Selling Action by PEPE Holder, PEPE Price Will Decline?

Bittime - After experiencing a price rebound, there are now signs that the main holders or PEPE holders are starting to sell their assets. 

This raises concerns that PEPE prices will experience a significant decline. How will the selling action of PEPE holders be? influence PEPE price? Read this article to find out!

Impact of Selling Action by PEPE Holder

After experiencing a price increase of more than 40% from its lowest level last December, PEPE is now starting to show signs of weakness. 

The supply of tokens held by PEPE holders has fallen from 45 billion to 39.78 billion PEPE. This decline shows that several large holders have started to release their holdings.

Additionally, there has been a decrease in the number of active addresses in recent weeks. The number of new addresses fell by 13.21% in the last 7 days, while active addresses fell by 3.90%. 

Selling Action by PEPE Holder and Smart Money  

This selling action is also not only carried out by PEPE holders, but also involving smart money or institutional investors. There are now only 90 PEPE smart money left, down from 110 a few weeks ago. 

This suggests that the usually more informed PEPE smart money has started selling their assets, further strengthening speculation that the PEPE price will experience further declines.

Read Also: Who is the creator of Pepe (PEPE) and what is the reason?

Selling Action by PEPE Holders: Technical Analysis

Source: Coingape.com

SApart from the selling action by PEPE holders and smart money, let's look at the technical analysis of the PEPE price chart. 

On the 4-hour (4H) chart, PEPE price peaked at $0.00002190 last week, forming a double-top pattern. This pattern usually indicates a downward trend reversal.

Besides that, PEPE is currently in a rising wedge pattern, which often results in bearish breakouts. If PEPE price breaks through the lower line of the wedge and the 50 period moving average level at $0.00002020, the potential for a price decline becomes greater.

Based on this technical analysis, PEPE price is at risk of falling to the December low of $0.00001433, which would mean a decline of around 30% from current levels. 

However, if the price manages to break through the key resistance at $0.00002190, PEPE has a chance to rise to $0.00002535, or about 22% above the current level.

Read Also: How many Rupiah is 1 PEPE? PEPE Price Today 28 December 2024!  

Pepe (PEPE) FAQs

What is Pepe (PEPE)?

Pepe (PEPE) is a meme coin inspired by the character Pepe the Frog, a popular internet meme, so it immediately attracted the attention of investors thanks to its viral trend.

Does Pepe (PEPE) Have Real Utility?

As a meme coin, Pepe (PEPE) does not have significant technical utility like smart contracts. The value of these tokens is largely driven by community, trends, and market speculation.

Why is Pepe (PEPE) Popular?

Pepe (PEPE)'s popularity stems from its status as a meme coin, which has caught the attention of the crypto community and social media users. Viral trends and community support are the main factors driving the value of this token.

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Reference

Coingape, Pepe Coin Price Set to Crash 30% As Top Holders Sell PEPE, accessed December 5, 2024.

Author: IPR