Pepe Price Faces Further Downside as Whales Continue Token Dumping

Source: CryptoNewsNet Original Title: Pepe price on the verge of a deeper dive as whales dump 70 million coins Original Link:

Market Overview

Pepe (PEPE), the fourth-largest meme coin in the crypto industry, has experienced a significant decline, erasing over $8.33 billion in value. Its market capitalization has plummeted from an all-time high of over $10 billion to $1.7 billion, with the price falling from the year-to-date high of $0.00002800 to the current $0.0000041.

The decline has coincided with the broader crypto market downturn that has particularly impacted meme coins. Market capitalization of all meme tokens has decreased from over $100 billion earlier this year to $42 billion today.

Weakening Demand Signals

Third-party data indicates weak demand for Pepe:

• Spot market volume has decreased to $195 million
• Futures open interest has declined sharply from a year-to-date high of nearly $1 billion to the current $240 million

Whale Activity

Whale investors have continued dumping the token in recent weeks:

• Whale accounts now hold 4.47 trillion tokens, down by over 70 billion from this month’s high of 4.54 trillion
• Smart money investors have also reduced positions, holding 168.78 billion tokens, down significantly from this month’s high of 172 billion

Technical Analysis

The weekly chart reveals a concerning technical setup:

• The Pepe Coin price has crashed from the year-to-date high of $0.000028 to the current $0.00000415
• Price has moved below the 50-week moving average
• The Average Directional Index has jumped to 27, indicating the downtrend is gaining strength

The token has formed a head-and-shoulders pattern, having already broken below the neckline at $0.000005610. This pattern signals further downside in the near term:

• First target: $0.000002835 (October low)
• Further support: $0.0000020