Although PEPE was getting close to a possible breakthrough, price consolidation remained
Pepe [PEPE] memecoin enthusiasm persisted despite choppy seas, with crucial on-chain statistics displaying contradicting trends.
The intriguing tendencies uncovered by IntoTheBlock and Santiment may influence the short-term movement of the PEPE price.
The most critical statistic is the 26% decline in the amount of significant transactions for PEPE. This, which is often considered as a sign of whale activity, would indicate that major market participants are exiting the industry.
In addition to a 7.43% drop in active addresses over the last day, whale activity has also dropped. Such a decline can indicate a shift in trading mood or a slowdown in user interest.
Reductions in trade volume and the number of active addresses tend to go hand in together, which might impact liquidity.
Even though these datasets were going down, PEPE's price chart still looked like it was in a symmetric triangle. The formation of this usually occurs before to a significant expansion of volatility, during which prices will either rise or continue to decline.
There is a strong association between the aforementioned consolidation period and the reduction in volatility, as seen by the lowered big transactions.
Where does PEPE go from here?
Market watchers and investors should closely monitor PEPE's upcoming developments, particularly whale moves, as the memecoin approaches the apex of its symmetric triangle.
This is because, depending on market mood, periods of accumulation or distribution might be indicated by a fall in whale activity coupled with a decline in user activity.
