Pepe Coin: Under Currents in a Stalemate — Major Players Accumulating and Retail Investors Exiting

The current Pepe Coin market presents a subtle state of stagnation. Its price has hovered around $0.000011 for three days, with an extremely narrow fluctuation range. This price 'stickiness' clearly reflects the deep hesitation and balance of power between the bulls and bears at the current level, leading the market into a brief standoff.

However, beneath the calm surface, undercurrents are already stirring. Just before the price got stuck, on-chain data revealed a key anomaly: the net accumulation of 'whale addresses' holding massive amounts of PEPE suddenly surged by 54% within 24 hours. More specifically, these core holders increased their holdings by as much as 44 billion tokens in a single day, while the overall net inflow on-chain approached 20 trillion tokens. This clearly points to a fact: major funds are taking advantage of the market downturn, engaging in off-exchange transactions or cautious accumulation strategies, their intent and strength to 'sweep the market' should not be underestimated.

In stark contrast to the calm positioning of major players is the common predicament of retail investors. Since the peak in late May, the PEPE price has retraced nearly 30%. On-chain profit and loss data coldly show that nearly 40% of holding addresses are currently in a state of unrealized losses, with the proportion of addresses making profits dropping to near monthly lows. This widespread loss undoubtedly exacerbates market pessimism, suppressing the willingness of new retail investors to enter, and even prompting some with weaker tolerance to choose to 'cut losses and exit.'

This differentiation pattern of 'major players quietly accumulating while retail investors feel disheartened' is quite significant. The contrarian actions of major funds are often seen as a judgment on the exhaustion of short-term downward momentum, suggesting their bet on a potential corrective rebound in the future. They are quietly positioning themselves, taking advantage of the widespread panic in the market and the exit pressure from retail investors. Meanwhile, the widespread losses and pessimism among retail investors provide a relatively cheap accumulation environment for major players. Whether the short-term stalemate of PEPE can be broken, and how the direction is chosen, will be key observation points regarding the subsequent moves of major funds and the overall evolution of market sentiment.

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