PEPE price hit an all-time high on the 16th, becoming one of the most impressive tokens in this bull market.

However, Wen Jie currently analyzes that the prosperity of this meme coin may lead to "profit selling" and a sharp decline.

PEPE investors are selling

PEPE price broke through the critical resistance level of $0.00001007, pushing the meme coin to a new all-time high. However, this triggered a sell-off among meme coin enthusiasts. This is because investors are now seeing good returns.

Based on realized profits, PEPE holders are looking at the highest profits recorded on the network in about two months. A spike in the metric is a sign of profit-taking, a sentiment that could extend to other investors, triggering a chain sell-off.

Real-time benefits of the PEPE network

We can confirm that this sentiment has filtered down to investors when distributing active addresses by income category. Currently, over 40% of investors participating in the network are profitable.

This means that PEPE holders are the most profitable and have a monopoly on active addresses. However, this can lead to selling as these investors look to extract existing profits.

PEPE active address profit margin

Therefore, Wen Jie analyzed that if the sell-off will continue, the price of PEPE will suffer a heavy blow.

PEPE Price Prediction: Signs of a Fall?

PEPE price is trading at $0.00001020 after forming a new ATH at $0.00001161. Memecoin is trading above the $0.00001007 support level. Once this support is broken, PEPE could drop to $0.00000900.

If profit-taking selling intensifies, the price could drop to $0.00000750.

PEPE Price Analysis

However, if PEPE holders decide not to sell and hold on to it for more profits in the long term, the meme coin might recover. A rebound from $0.00001007 will push the PEPE price back to new ATHs, invalidating the bearish thesis.

PEPE prices as of the time of editing this article:

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