PEPE is facing intense pressure, mainly due to long-term holders taking profits

Two key on-chain indicators show that previously dormant $PEPE tokens belonging to long-term holders have started to move. If this group of investors continues to sell, the popular memecoin could see a double-digit decline in price. Long-term holders are taking profits

The profit-taking is confirmed by the dynamics of the average coin age (MCA) indicator. The on-chain metric Mean coin age measures the level of trading sentiment among long-term investors by calculating the average number of days that coins in circulation have spent at their current addresses. An increase in the indicator suggests that investors are confident in the asset and prefer to HODL it despite market fluctuations.

In the case of Pepe, this indicator has decreased by 1% since the beginning of October and is now at 300. A decrease in the indicator means that investors are moving their assets between addresses or selling them. This could be a sign that long-term holders are starting to liquidate positions. It could also be due to profit taking or a change in market sentiment.