The price of pepe coin is stuck at a significant turn. While its recovery has stopped at a strong resistance level on the one hand, on the other hand, the sale of tokens on a large scale by the big investors is indicating a major decline. According to the on-chain data firm Santime, since February, Whales has reduced its holdings from 165 trillions to 148.7 trillion tokens. That is, a total of 41 trillions have been dumped in the pepe coin market.
What does this act of whales mean?
In the market, it is believed that when Whales sell their tokens, it is either a sign of booking profits or they come out of the possibility of the upcoming decline. This time too, something similar is being seen. The data of Santime also shows that the 90-day Heartless Buck Investigated Presen (MDIA) is declining, which suggests that more and more investors are selling their tokens and are becoming active in the old holdings market.
Ethereum’s weakness effect
Prices of meskoin such as pepe coin are often associated with large cryptocurrency trends like Etreum. At present, Ethereum is not able to cross the important psychological level of $ 2,000. Until the Eth goes above this level, the Broader Meme Coin Ecosystem, which includes Shiba Inu and PEPE, will remain under pressure. If you want to know that Pepe value What is, then click on the link.
Still some positive signs?
There are some positive signs among these negative signals that raise hope. Since April 24, the token supply of Pepe Coin has been stable and the amount of tokens available on exchanges has come down from 255.81 trillion to 254.9 trillions, which is a slight decline. Low tokens on exchanges are generally considered a bullish sign, as it suggests that people prefer to hold the token rather than selling.
Will the price rise again?
Although the recent whale movement has put the market into a bit worrying, but it is worth noting that despite this Pepe The price of $ 0.000008867 remains stable. Almost in the price of tokens in the last one month 26.88% The growth has been observed, which suggests that the trust of common investors is still strong.
Therefore, it is possible that this whale dumping is only part of a temporary profit booking and it does not affect the token. If Ethereum comes out above $ 2,000 in the next few days, the pepe coin may also see a new fast.
Conclusion
The current position of pepe coin is a bit complex, but not completely negative. While the heavy selling of Whales on the one hand indicates a possible decline, on the other hand, strong holding patterns and stable supply are showing the strength of the token. In the coming weeks, the speed and broad market will decide whether the Pepe Coin will be able to fly again or not.
Are you also considering investment in pepes? Understand your risk and stay updated.
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