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Pepe Coin Price Faces Continued Sell-Off
On Saturday, the price of Pepe Coin extended its decline, reaching its lowest point since May 9. This drop reflects the broader crypto market sell-off, with Pepe trading at $0.00001096—a 32% decrease from its peak earlier this year.
Pepe Coin Supply Hits Record Low
Despite the price downturn, a notable development is the reduction in the supply of Pepe coins on exchanges. The total supply available on exchanges has dropped to 105.33 trillion, marking its lowest level since 2022. This is a significant decline from last year’s high of 215 trillion, suggesting that most holders are opting to retain their coins rather than sell them.
Whale Activity and Smart Money Accumulation
Data from Nansen reveals interesting trends among large investors, commonly referred to as whales. These entities, holding substantial amounts of Pepe Coin, have increased their holdings by 2.74% this month, now controlling 9.71 trillion coins. Additionally, accounts categorized as smart money—investors with a proven track record—have shown a strong appetite for Pepe, driving their holdings to 625 billion coins, a remarkable 145% month-on-month increase.
Whales and smart money investors play a pivotal role in shaping the price trajectory of cryptocurrency assets.
Positive Funding Rate Signals Optimism
Another promising indicator for Pepe Coin is its rising positive funding rate. Since May 8, funding rates have trended upward, reflecting growing confidence among investors that Pepe’s future price could surpass the current spot rate.
Pepe Coin Price Analysis
A closer look at Pepe’s price chart reveals key technical patterns. After peaking at $0.00001625 in May, the price has retraced to $0.00001095. This weekly low aligns with critical levels, including the 100-day Exponential Moving Average (EMA) and the highest swing from September 2022.
Technically, Pepe has slipped below the lower boundary of a bullish flag pattern. Indicators such as the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) suggest bearish momentum, pointing to further downside potential.
Key Levels to Watch
Traders should monitor the 78.6% Fibonacci retracement level at $0.00001057, which could act as a short-term support. If a rebound occurs, bulls may aim for the 50% Fibonacci point at $0.000017.
The evolving dynamics of supply, whale activity, and technical indicators make Pepe Coin a focal point in the crypto market. Investors should remain vigilant and consider these factors when evaluating its potential.
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