The broader crypto market has been bearish, pushing most assets into the red. Amid this onslaught, Pepe, a popular memecoin, significantly declined as long-term holders offloaded their tokens.
However, PEPE whales stepped in to avert a potential price decline on the token. The big shots accumulated about $42 million worth of PEPE, averting almost a 10% price slip in the market.
The whales’ intervention helped Pepe to maintain its critical support region while pushing for further recovery.
Pepe Whales’ Massive Accumulation Stabilizes Potential Price Decline
Pepe (PEPE) has struggled with increased bearish pressure over the past few weeks, which saw its price slipping drastically. However, the recent increase in whale activity significantly stabilized the situation.
According to on-chain data, prominent PEPE addresses, including crypto exchanges, amassed over 6 million PEPE coins, amounting to more than $42 million this week.
The whales’ activity has aided Pepe in averting an almost 10% price decline. The Accumulation served as an anchor, helping PEPE maintain a critical support level, which, if lowered, could trigger further price decrease.
Notably, the recent activity suggests that whales still have confidence in PEPE’s potential to rally.
It’s worth noting that long-term Pepe holders contributed to the token’s drastic price drop. As Pepe’s market sentiment plummets, long-term holders engaged in a recent massive sell-off of PEPE. This action pressured Pepe’s price, forcing it to decline further in the past few weeks.
Before now, the long-term holders had provided strong and steady support for Pepe. However, a key indicator for Pepe, the “age consumed” metric, suddenly increased recently.
This showed that the long-term holders started to transfer or dispose of their holdings, reflecting that the OGs lost confidence in potential price rallies from Pepe.
Pepe Price Trend: Can It Sustain The Key Support?
As of 11:16 AM EST on September 6, Pepe trades at $0.000007026, reflecting a 2.49% decrease over the past 24 hours. However, Pepe’s trade volume has surged by over 7% to $434.15 million. According to CoinMarketCap, PEPE is the fourteenth-most traded asset.
Its market cap is currently $2.96 billion. PEPE recorded a 7.14% decline within the past seven days and has plummeted by almost 9% in the last 30 days.
This current price marks a critical support that Pepe has tried to maintain in the past few weeks. However, the token could face a more drastic downward slip if it goes below the support level or in cases of increased selling pressure.
So, the market participants watch as Pepe holds above the critical level through its whales’ support. A drop in the level could particularly impact the token’s short-term investors.
Disclaimer: The opinions expressed in this article do not constitute financial advice. We encourage readers to conduct their own research and determine their own risk tolerance before making any financial decisions. Cryptocurrency is a highly volatile, high-risk asset class.
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