UPDATE 🔥🔥

PEPE: A MAJOR CORRECTION IS IMMINENT

PEPE continues to delight investors: not only did it lead the altcoin rally, but it also hit an all-time high (ATH) in the last 24 hours

PEPE's recent price rally has a downside. The popular memcoin may start to decline as investors seem ready to sell the asset.

Investors are thinking about selling

After rising, PEPE could be under strong bearish pressure as investors are interested in realizing the gains. According to the Network Realized Profit/Loss onchain indicator (Network Realized Profit/Loss), total profits have been rising over the past month.

The rise in realized profits indicates that investors are dumping the asset, and selling may intensify as the coin has reached a new ATH. This may have satiated the bulls and could now lead to massive selling.

Second, the market value to realized value ratio (MVRV) also indicates profit taking. The ratio tracks investor gains and losses. The 30-day MVRV for PEPE is at 38%, indicating profits and the likelihood of sales.

Historically, the coin has held corrections at MVRV values between 15% and 36% in a range that is considered a risk zone. PEPE is already above this level, which warns of a high potential for profit taking. If that happens, the altcoin could fall below key support.