Pepe Plunges Amid Whale Exodus, But a Rebound Could Be on the Horizon
The Pepe coin has seen a significant 36% price drop from its May peak, currently trading at $0.00001043. This decline is largely attributed to a sustained sell-off by large holders (whales) and a broader downturn in the crypto market driven by profit-taking and geopolitical concerns. Whale holdings have fallen to their lowest point since last November, signalling expectations of continued bearish trends. On-chain data also indicates that many sellers are exiting at a loss, and active addresses have dwindled.
Despite the recent slump, there's a potential silver lining. Pepe's current low price, as indicated by a negative MVRV ratio, suggests it might be in a "buy zone" for investors looking to acquire the dip. Technically, the coin is consolidating around its 50-day and 200-day moving averages and appears to be forming a cup-and-handle pattern. If this pattern plays out, Pepe could see a substantial bounce back, potentially retesting its all-time high of $0.00002712, a gain of about 135% from its current level. This upward movement would be confirmed if the price breaks above $0.00001622.