Why PEPE Hodlers Shouldn't Get Too Happy About Recent Highs
The price of PEPE recently reached a new all-time high (ATH). Let's figure out why we should now beware of corrections
The price of the popular memecoin PEPE has reached an all-time high. However, the next records may have to wait, since the likelihood of large-scale sales and correction is quite high.
The PEPE price had an impressive rally during the latest bull run and hit an all-time high of $0.00000991 about a week ago. Since then, the token has been moving sideways.
During this time, the behavior of meme coin holders changed significantly: most of the supply passed into the hands of short-term traders. Their dominance over circulating supply increased from 8.2% to 22.4%.
This is a concern because such investors typically hold their assets for less than a month. And since the price is close to breaking through $0.00001000 - a significant psychological level - selling the asset is a very likely next step.
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