Since June, PEPE's decline has intensified, falling 35% within the month and over 25% since the beginning of the year, nearly erasing the annual gains. However, on-chain data shows that 37% of holders have never sold in the past year, with many wallets remaining idle for months. Are these 'diamond hands' steadfast believers, or are they 'dead wallets' left unattended?
Holding firm amidst the decline: 37% have never liquidated, 46% are still in profit.
Despite the sluggish trend, PEPE still firmly ranks among the top three meme coins by market cap, with a current total market cap of approximately $3.9 billion, second only to SHIB and DOGE. On-chain data shows that over 75% of the tokens are concentrated in whale addresses, with 46% of holders still in profit to this day.
It is worth noting that 57% of holding addresses have seen PEPE assets remain in a 'dormant' state over the past year, with no significant liquidity observed. This static state may reflect investors' long-term holding intentions or reveal liquidity risks or inadequate on-chain management.
Amidst market headwinds, Musk's 'meme' ignites bullish imagination.
Recently, Elon Musk shared a PEPE-style meme on social media, quickly attracting over 60 million views, igniting community sentiment. Some investors recalled how PEPE surged to a market cap of tens of billions after he changed his profile picture last year, sparking a new wave of speculation.
In addition, the New York Post recently released a PEPE investment guide, indicating signs of renewed bullish sentiment. Some technical traders have observed a similar upward pattern as two years ago, with some even boldly predicting a potential increase of 800%.
The technical indicators are sending signals, with the RSI reaching the oversold edge.
Currently, PEPE is priced at approximately $0.00000929, with a daily decline of nearly 6%. In terms of technical indicators, the daily RSI has dropped to 30.85, nearing the 'oversold' threshold, suggesting that the market may enter a rebound window.
The price is currently oscillating in the range of $0.00000830 to $0.00000872, a zone that formed strong support in March and May. If it can stabilize and increase in volume, it is expected to challenge the previous high of $0.00002000 in the short term, and even further test $0.00002836.
However, if it loses critical support, PEPE may fall to a lower range of $0.00000525, further opening up downside potential.
Conclusion: Is the next step for PEPE a rebound or a bottoming out?
#PEPE Currently at the intersection of belief and reality. On one hand, the 'Musk effect' and technical indicators support a potential rebound; on the other hand, long-term lack of fundamental support, high concentration of whales, and liquidity risks still exist.
For investors, it is essential to pay attention to on-chain activity, changes in capital flow, and the overall market risk appetite at this time. Is this the final washout, or the starting point of a new outbreak? PEPE's trend may provide answers at the next strong support or breakout point.#山寨币
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