A significant whale has sold 254.65 billion Pepe tokens worth $5.15 million, raising concerns about the future price trajectory of the meme coin as the broader crypto market declines.
Large Whale Sell-Off Sparks Worry
In the past week, Pepe has experienced a sharp decline, with its price dropping from a peak of $0.00002567 to a low of $0.000018. This downturn has triggered panic selling, particularly among large holders.
Recent data reveals that a whale transferred 254.65 billion tokens worth $5.15 million to Binance within 24 hours. Such transfers typically indicate plans to sell, which can create significant selling pressure, leading to further price drops.
Why Are Whales Selling?
The sell-off comes during a broader market downtrend, where many assets are struggling to maintain their value. Whales often sell during such periods to minimize losses or secure profits from previous gains. This behavior can exacerbate market corrections and put downward pressure on prices.
The Impact on Pepe’s Price
The increased selling pressure has negatively impacted Pepe’s price. At the time of writing, Pepe trades at $0.00001863, representing a 7.80% daily decline and a 7.56% weekly drop.
Market sentiment appears to be shifting from bullish to bearish:
Short positions dominate, making up 53% of the market, indicating that traders are betting on further price declines.
The MVRV (Market Value to Realized Value) ratio for long-term holders has dropped from 39 to 35 over the past week, suggesting a lack of confidence in the coin's future potential.
Long-Term Holders Turn Bearish
Long-term holders, often seen as a stabilizing force, are showing signs of bearish behavior:
Liquidations of long positions have reached a weekly high of $4.97 million, suggesting reduced confidence in holding these positions.
The MACD indicator has flipped bearish, signaling increasing downward momentum and dominance by sellers in the market.
What’s Next for Pepe?
With bearish sentiment dominating, Pepe’s price could face further declines. The next key support level lies around $0.00001576, which could stabilize the price if reached.
As whales continue to sell and market sentiment weakens, Pepe may experience additional challenges in maintaining its value. Investors should remain cautious and monitor market conditions closely.
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