Hey people! What's up, pals! This thing with PEPE, that memecoin that's been going around, is really hot! 🔥 It seems like trust is giving him the cold shoulder, and things are getting serious!

It turns out two whales (that's what we call investors who hold a lot of this currency) got away with it, but they lost money! They each deposited 600 billion tokens on Binance. Imagine that amount! 🐋 That adds up to over $12 million in total, and they each lost about $3.5 million in greenbacks. 💸 Crazy!

These outflows happened just after PEPE tried to recover and failed. It's as if the big investors are saying, "There's no future here, I'm getting off the boat!" 🚢 And it's not just the whales that are backing off, but all the on-chain signals, the ones that tell us how the currency is moving, are going down! 📉

The thing is, PEPE formed a pattern that's usually good for a rally, like a "cup and handle," but it couldn't break a key level, $0.00001200. 🙅‍♂️ It stayed there, like on a slide. Although the good news is that those who bet on it going up (the "bulls") are still defending $0.00001014. It's like a cockfight, but with numbers! 🥊

The Stochastic RSI, which is like a thermometer that tells you if something is too hot or too cold, is in the oversold zone! That could mean a small, life-saving rally is coming. But for things to really get going, PEPE needs to break below $0.00001280. If it doesn't, the decline could continue! ⬇️

Plus, investors are apathetic, seemingly not very interested in the whole thing. Important metrics are in the red. New wallet growth is slow, and those already "In the Money" (i.e., earning money) fell 7.07%! That means a lot of people are losing money. 😔 Large transaction volume is also down, which is a sign the big fish aren't moving the needle much.

And to top it all off, PEPE's NVT skyrocketed to 137! This is as if the value of the network is much greater than what's being used, and that, my friends, is a warning sign that a correction could be coming. It's as if the car is very expensive, but no one is using it! 🚗

PEPE's MVRV is also negative, at -0.29. This tells us that, on average, PEPE holders are losing money. While this can sometimes be a sign that the asset is cheap, in this case, with everything else plummeting, it seems more like confidence is at rock bottom! 💔

So, what's going to happen with PEPE? Well, even though it looks somewhat "cheap" and might be willing to rise a little, the big signs are that things are still weak. If those who want it to rise can't break through those key resistance levels and get people interested again, any rebound will be a snap. So, get your act together, people, things are on fire! 🔥$PEPE