• PEPE whales offloaded 190 billion tokens within 24 hours after the price approached a three-month low.
• At press time, PEPE was defying the bearish trends after gaining by 7% in 24 hours.

Memecoins remain under bearish pressure following the recent pullback across the market. At press time, the total memecoin market capitalization had dropped by around 1.2% to $79 billion. 

PEPE [PEPE] was defying these bearish trends after posting a 7% gain in 24 hours to trade at $0.0000099 at press time. However, a lack of whale interest could hinder a long-term uptrend. 

Whale selling could impede PEPE’s rally 

Data from IntoTheBlock shows that in the last 24 hours, large PEPE transactions exceeding $100,000 increased four-fold from 8 trillion to 31.9 trillion. However, this rise appears to stem from selling activity.

Large holder netflows have dropped significantly from 159 billion to -37 billion, suggesting that whales sold 196 billion PEPE within 24 hours.

When whales are cashing out, it shows reduced investor confidence, which is bound to weigh on price.

Whale addresses held 48% of the memecoin’s supply. Therefore, if they are in a distribution phase, it could exert downward pressure. 

Key levels to watch 

Sellers remain in control of the price action, with the Relative Strength Index (RSI) dropping to 30.

The RSI line also continued to oscillate below the signal line, confirming that the momentum remains bearish.