Pepe Coin (PEPE) whales have started offloading significant amounts of their holdings, withdrawing approximately 1.16 trillion PEPE, worth $8.96 million, from exchanges on Aug. 28, according to IntoTheBlock.
Is Pepe Coin Losing its Charm?
Santiment data indicates a shift in PEPE coin distribution among investors. Whales with holdings between 100 million and 1 billion PEPE have been steadily increasing their stake, now controlling 3.15% of the total supply—up from earlier in the year. Meanwhile, wallets holding over 1 billion PEPE, have kept their positions stable, consistently holding about 95.9% of the supply.
Coinglass data shows a consistent pattern of net outflows for PEPE on spot exchanges, pointing to increasing selling pressure. On Sept. 1, PEPE experienced a $9.75 million net outflow, with the price at $0.00000714.
But it’s not all doom and gloom. Some whales are not giving up on meme coins altogether—they’re just shifting their focus. For example, a PEPE whale recently invested $15.3 million into Mpeppe (MPEPE) at a presale price of $0.001777.
The continued sell-off and asset withdrawals by whales could signal a broader market downturn. If the trend persists, the meme coin sector may face further declines.
Is Pepe on the Verge of a Breakout or Headed for a Major Crash?
As of Sept. 2 Pepe Coin (PEPE) price trades at $0.057524, with a 2.92% increase over the past 24 hours and down 14.38% over the last week.
PEPE is testing support around $0.00000711, a level that has held since mid-August. On the daily chart PEPE is trapped in a descending channel.
Key resistance aligns with the 0.618 Fibonacci level at $0.00000875, coinciding with the upper boundary of the channel. If PEPE manages to break through this level, it could be on its way to $0.00001142, or even $0.00001409, based on the Fibonacci extensions.
At the moment, the RSI is sitting at 42.39, which indicates PEPE is nearing oversold conditions. This could hint at a potential bounce if buyers begin to take action.
Crypto analyst, CryptoJack believes that if PEPE coin bounces from its current support level, it could break out of the descending channel and potentially reverse the bearish trend.
