Pepe

Memecoin

The crypto market has been in a bearish trend over the past week, and Pepe, a popular memecoin, has not been spared. The token’s price dropped significantly from $0.00002567 to $0.000018, driven by a wave of panic selling among major investors. This created a strong selling pressure across the market. 
<a href="https://www.qubetics.com/?utm_source=TBJ&amp;utm_medium=postBANNER" target="_blank" rel="noopener nofollow"><img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-67567 aligncenter" src="https://thebitjournal.b-cdn.net/wp-content/uploads/2024/11/Qubetics-is-728x90-1-3.jpg" alt="Popular Memecoin Whales Are Selling: Is Price Under Pressure? = The Bit Journal" width="728" height="90" title="Popular Memecoin Whales Are Selling: Is Price Under Pressure? 50"></a> 
<h2 id="whale-activity-sparks-panic-in-the-memecoin-market">Whale Activity Sparks Panic in the Memecoin Market</h2> 
Pepe whales have been aggressively selling in recent days. According to data from Spotonchain, a single whale deposited 254.65 billion Pepe tokens into Binance within 24 hours. Such large deposits often signal an intent to sell, increasing market pressure. 
These significant sales tend to trigger a chain reaction that drives prices lower. In a project like Pepe, where whales hold substantial portions of the supply, their selling creates panic among smaller investors, leading to further selling and exacerbating the price decline. 
<img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-72095 aligncenter" src="https://thebitjournal.b-cdn.net/wp-content/uploads/2024/11/pepeshorts.png" alt="Popular Memecoin Whales Are Selling: Is Price Under Pressure? = The Bit Journal" width="1852" height="450" title="Popular Memecoin Whales Are Selling: Is Price Under Pressure? 51"> 
<h2 id="impact-on-price-charts">Impact on Price Charts</h2> 
The whales’ activities have left a clear mark on Pepe’s price charts, intensifying the downward trend. The token experienced a 7.80% daily decline, trading at $0.00001863. Market sentiment for Pepe has shifted from bullish to bearish, according to recent analysis. 
For instance, the long/short ratio for Pepe indicates that short positions now dominate the market, with shorts making up 53% of trades. This suggests that many traders expect prices to fall further, underscoring the growing negativity in market sentiment.<img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-72097 aligncenter" src="https://thebitjournal.b-cdn.net/wp-content/uploads/2024/11/pepemvrvdifference.jpeg" alt="Popular Memecoin Whales Are Selling: Is Price Under Pressure? = The Bit Journal" width="1428" height="574" title="Popular Memecoin Whales Are Selling: Is Price Under Pressure? 52"> 
<h2 id="investor-behavior-and-technical-indicators">Investor Behavior and Technical Indicators</h2> 
Pepe’s MVRV ratio, a metric that reflects the profitability of holders, dropped from 39 to 35 in the past week. This decline indicates waning confidence among long-term investors, many of whom have opted to sell. Additionally, total liquidations of long positions reached $4.97 million, further contributing to the market pressure. 
The MACD (Moving Average Convergence Divergence) indicator also confirms a strengthening bearish trend. This technical signal highlights that sellers are firmly in control, pointing to a sustained negative trajectory in market sentiment.<img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-72099 aligncenter" src="https://thebitjournal.b-cdn.net/wp-content/uploads/2024/11/pepeliq.png" alt="Popular Memecoin Whales Are Selling: Is Price Under Pressure? = The Bit Journal" width="1852" height="525" title="Popular Memecoin Whales Are Selling: Is Price Under Pressure? 53"> 
<h2 id="the-future-of-pepe-and-investor-outlook">The Future of Pepe and Investor Outlook</h2> 
Current market conditions suggest that Pepe could see further declines. If the bearish trend continues, the token might find support at $0.00001576. However, growing selling pressure and negative sentiment could pose additional challenges for <a href="https://thebitjournal.com/best-meme-coins-to-buy-in-2024-from-the-promising-btfd-coin-to-crypto-legend-pepe-coin/" target="_blank" rel="noopener">Pepe</a> in the coming days. 
As highlighted by The Bit Journal, investors should closely monitor price movements and adjust their strategies accordingly to navigate this volatile environment. 
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Popular Memecoin Whales Are Selling: Is Price Under Pressure?

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The Bit Journal

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