$PEPE

Pepe Coin's Price Could Drop Below $0.00001 Due to Whale Sales and Market Fear

The U.S. Federal Reserve's recent interest rate cut caused a downturn in the cryptocurrency market in December. Meme coins, like Pepe, are very volatile and tend to be heavily influenced by speculation, making them even more susceptible to this negative momentum. Large investors, or "whales," selling off their holdings could push Pepe's price below $0.00001.

Currently, the meme coin market is valued at $105 billion, with a daily trading volume of $28 billion.

Key Points:

A double-top pattern in the price chart suggests Pepe Coin could experience a long-term drop below $0.00001.

Investors are hoping for support around $0.000017 to $0.0000128, where the 100-day and 200-day moving averages lie.

The Relative Strength Index (RSI) is showing weakness, signaling potential further decline for Pepe Coin.

Whale Activity and Market Sentiment A major whale recently moved 150 billion Pepe tokens (worth about $2.72 million) to Binance, possibly to avoid more losses in the falling market. This follows a similar move on November 28 when the whale withdrew large amounts of Pepe and SHIB coins. The whale is currently facing losses of $219,000 on Pepe and $136,000 on SHIB. If Pepe continues to decline, the whale may sell even more, which could add to the negative market sentiment.

The overall market has also been affected by Bitcoin's drop below $100,000 after a speech by Federal Reserve Chairman Jerome Powell, leading to further losses in altcoins. Over the past two days, Pepe Coin fell by 22%, from $0.000022 to $0.0000174.

Looking at the daily chart, a double-top pattern is forming, which is often a sign of a reversal. This pattern, along with a weakening RSI, suggests that Pepe Coin could face a significant drop. If the price breaks the support at $0.0000172, it could lead to a further 55% drop, possibly reaching $0.0000077.