Recent activity in the memecoin market has put PEPE at the forefront. The price increase recorded in the last 24 hours in particular has once again attracted investors’ attention to the coin. However, selling pressure is starting to appear, creating concerns about the possibility of a PEPE price drop. So is this pressure really causing PEPE’s price to drop?

Current situation at PEPE

PEPE price has increased by more than 5% in the last 24 hours to $0.00001001. The market cap has surpassed $4 billion and 219k PEPE addresses are in profit. In other words, 72% of investors holding PEPE are currently in profit. While things look good so far, market analysts are cautious about the sustainability of this surge.

When we look at Santiment data, the mainstream sentiment around PEPE seems to have shifted to negative territory. This suggests that the negative atmosphere around PEPE is increasing and its social media traffic is decreasing. For Memecoin, such a social drop usually signals that investor interest is decreasing and can have negative consequences in the short term. When social media visibility decreases, price movement naturally stops.

Selling pressure increases and price correction is likely

The analysis shared by Lookonchain shows that the increasing selling pressure on PEPE is very noticeable. An investor who bought a large amount of PEPE in April and May took profits, sold his PEPE assets and switched to another cryptocurrency. This sale is a significant sign that the selling pressure on PEPE is getting stronger. In addition, while the supply of PEPE on the stock exchange is increasing, the supply outside the stock exchange is decreasing, indicating that investors are starting to sell.

PEPE’s trading volume on the stock exchange is increasing rapidly. The fact that large investors are reducing their holdings of PEPE also means that the memecoin may soon face a correction. If the expected correction occurs, the PEPE price may first fall to $0.0000085 and then to $0.0000066.