Pepe, the third-largest meme coin by market cap, dropped to its lowest level since November 2023, as large holders sold off their holdings, increasing exchange balances.
Current Pepe Metrics
Pepe fell to $0.00001210, over 54% down from its highest in December. Data from Nansen shows that Pepe coins on exchanges increased by 1.31% to 240.28 trillion, indicating ongoing selling pressure. The total supply on exchanges reached 57.12% of the total coins.
Whale and Smart Money Activities
According to Lookonchain, whales have actively moved their holdings to exchanges. Notably, the wallet 0xfBfC…07Be deposited 430B Pepe ($6.39M) to Binance, while marketparticipant.eth deposited 325.5B Pepe ($4.9M). Smart money holders decreased to 69 from 91 in December, now holding 9.5 trillion Pepe coins, down from nearly 12 trillion last March.
Charts Analysis and Forecast
The daily chart shows a bearish head and shoulders pattern in Pepe. The coin is also nearing the formation of a death cross pattern, where the 50-day and 200-day moving averages cross. Both MACD and RSI continue to decline, suggesting further losses, with traders targeting a key support level at $0.0000060, the lowest in August.
Pepe's decline mirrors similar drops in other meme coins like Shiba Inu and Bonk. However, a potential Bitcoin rebound fueled by Federal Reserve actions might change the outlook.
