The K-line chart of pepe is becoming increasingly clear, making me more certain that the main force is washing the chips. Including popcat, they have all shown the same trend - a converging triangle.

The high point of this pattern is lower than the previous one, while the high points of the pullbacks are higher than the last, presenting a converging triangle shape. The price is gradually converging towards the right angle of the triangle, while the trading volume is decreasing. After the washing process is completed, the trading volume will increase, and the converging triangle pattern will be broken. The following image shows the almost identical patterns of pepe and popcat.

This pattern is a very torturous trend, with high points getting lower, but the decline does not break the previous low point, accompanied by decreasing trading volume. Many people's chips are either cleaned out during the repeated and frequent trading process (for example, the recent large holder of pepe, James Vyn, repeatedly going long and short until zero), or they lose confidence and abandon their chips after prolonged torment (many retail investors). The operators completed the washing process through this method, clearing the chips of those who bought the bottom in April.