Some friends are concerned about Pepe's on-chain data. Let me take a look at its chip cost distribution. I can see a group of super whales that almost sold out at prices around 0.000020-0.000024 around November 16, 2024, and now there are only 4.4T of chips left (originally there were 113T).

Currently, the most concentrated holding area is at around 0.000021. They started buying at 0.000022 and added to their positions at 0.000020, approximately holding 71T of chips, which they did not sell even when the price dropped to 0.000006.

In simple terms, the whales (main players) ran away at high positions, and a bunch of chips were trapped at high levels. During the continuous decline of the price, there has been very little capital entering to buy the dip, so there is also no support range. Apart from the aforementioned high-density area, chips in other places are relatively scattered, and there are currently no signs of large capital entering to absorb chips.