Pepe coin price retreated this week as whales continued selling and the crypto market sell-off intensified.
Pepe (PEPE), the second-biggest meme coin on Ethereum (ETH), plunged to a low of $0.00001043, down by 36% from its highest point in May.
This decline happened as Bitcoin (BTC) and most meme coins plunged because of profit-taking and geopolitical issues.
Pepe’s crash also happened as whales continued exiting their positions, signaling that they expected the downtrend to continue. The supply held by whales has dropped to 137.4 trillion, down from the year-to-date high of 166 trillion. Their holdings have fallen to the lowest point since November last year.
The Network Realized Profit/Loss metric has plunged into the negative zone, a sign that some sellers are exiting at a loss.
More on-chain data shows that active addresses have slumped to less than 3,000.
On the positive side, Pepe has become cheap, which may push investors to buy the dip. The closely-watched MVRV ratio with the Z score has dropped to minus 0.192.
A negative MVRV ratio means that a coin’s market value has moved below the average price at which holders acquired their coins. It often signals that a coin is in a buy zone.
Pepe price technical analysis
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Author: Crispus Nyaga
