#PEPE
Pepe Coin's price has been crashing lately, and there are several reasons contributing to this downturn. One major factor is the selling pressure from whales, who have deposited 1.1 trillion PEPE, intensifying the downward trend.¹ This massive sell-off has led to a 55% drop in Pepe Coin's price since its all-time high.
Another reason for the crash is the bearish market sentiment, with many traders betting against Pepe Coin. The long-to-short ratio is currently below one, indicating more traders are shorting the coin.² Additionally, technical analysis suggests a potential drop to $0.00000633 support.
It's also worth noting that Pepe Coin's price has been volatile, with a 17% drop in the past 24 hours and a 28% decline last week. The coin's market capitalization has also taken a hit, with a 12.67% decrease over the past seven days.³
Despite these challenges, some analysts believe Pepe Coin may be ripe for a rebound. On-chain data, such as the MVRV indicator, suggests a potential buy signal.⁴ However, it's essential to keep in mind that the cryptocurrency market is highly unpredictable, and prices can fluctuate rapidly.
