Last week, the crypto market experienced a general decline, which led to a significant decline in the price of the popular memecoin Pepe. Pepe fell from $0.00002567 to $0.000018. This price drop triggered panic selling, especially among large investors, and created strong selling pressure in the market.$PEPE
Pepe whales have been selling heavily in recent days. According to Spotonchain data, a whale transferred 254.65 billion meme coins to Binance in the last 24 hours. The fact that whales send such a large amount of tokens to the exchange usually indicates that they will sell and increase selling pressure. Such large-scale sales create a knock-on effect that causes prices to fall. Especially in memecoin projects like Pepe, whale sales create panic among investors and can lead to more sales. As a result, this situation can cause prices to move down rapidly.
The sell-off by major investors has created significant downward pressure on price charts. Pepe fell by 7.80% to $0.00001863. In addition, according to market analysis, Pepe’s general sentiment has shifted from bullish to bearish. For example, Pepe’s Long/Short spread shows that short positions dominate the market. While short positions have reached 53%, this indicates that most traders believe prices will fall further. This confirms that there is a serious negative trend in market sentiment.
Pepe’s MVRV ratio fell from 39 to 35 last week, indicating that long-term investors are losing confidence and are turning to selling. In addition, total liquidations for long positions reached $4.97 million, increasing the pressure on the market. Technical indicators also clearly illustrate the situation. Pepe’s MACD indicator shows that the downtrend is strengthening. This signal indicates that market sentiment is still negative and sellers are dominating the market. Technical analysis shows that this negative trend may continue.
Current market conditions suggest that Pepe is likely to lose more value. If this downtrend continues, the token could find support at $0.00001576. However, increasing selling pressure and negative market sentiment suggest that Pepe could struggle further in the coming days. Investors should continue to monitor price action closely and make strategic decisions.