Current Market Overview
PEPE, a meme-based cryptocurrency, has experienced a decline of nearly 6% in just 24 hours. This drop comes as the market reacts to the imminent tariffs from Trump, contributing to heightened volatility. Despite this downward trend, large investors known as “whales” have increased their holdings of PEPE by more than 5% in the past month.
Key Highlights:
- The price of PEPE has seen a fluctuation of about 16.5%, demonstrating the rapid shifts in investor sentiment in response to external economic pressures.
- Whale wallets now hold approximately $3 billion worth of PEPE, accounting for over 70% of the token’s total supply.
- The available supply of PEPE on exchanges has hit a two-year low, reflecting a nearly 3% decrease since the start of July.
Technical Insights
- PEPE is facing strong selling pressure when testing prices near $0.0000106, with critical support identified at $0.00000965.
- Although there is persistent selling activity, minor rebounds and renewed buying interest suggest that this memecoin remains a contender in the market.
- The trading patterns indicate that traders are selling off positions more frequently than acquiring new long ones, revealing the cautious sentiment prevailing in the market.
Conclusion
Whale behaviors show resilience despite price drops, indicating potential long-term confidence in PEPE as market conditions evolve.
