Pepe Coin Faces Price Dip Amid Market Uncertainty
On Saturday, May 24, Pepe’s price took a hit, following the trend of Bitcoin and other altcoins. pepe, the second-largest ethereum meme coin, saw its value fall to $0.000014, marking a 14% decrease from its recent peak.
This decline coincided with rising market risks. The tension escalated on friday when Donald trump threatened higher tariffs on European goods and Apple products. As an inevitable result, the total crypto market cap slid from $3.5 trillion to $3.4 trillion. The drop in Pepe’s value reflects broader market concerns.
Pepe’s retreat is partly due to reduced holdings by major investors. On-chain data reveals that whale holdings have been shrinking. According to Santiment data, whales now hold 141.2 trillion coins, valued at $1.4 billion, down from 165 trillion in February. This is the lowest level since november.The Santiment data shows a consistent decrease in whale ownership. Whales now control 141.2 trillion coins, down from 165 trillion in February.This decline suggests a shift in investor sentiment. Nansen’s analysis indicates smart money investors are also selling off. These investors, known for their astute trading, now own 244 billion coins, down from 380 billion a year ago. This trend signals a possible bearish outlook. Whales’ reduced stake hints at a bearish sentiment. Their current holdings are the lowest since last November.
Exchange balances are rising, another bearish sign.More coins on exchanges mean more selling pressure. Pepe’s exchange balance hit 252.9 trillion coins,up from 251.3 trillion earlier in the week. An increase in exchange balances often precedes price drops.
However, there’s a silver lining. Technical analysis shows a potential bullish turn.A golden cross pattern is forming on the daily chart. This pattern often predicts future gains. A move above $0.00001625 could trigger a rally, perhaps reaching $0.00002840.A golden cross on the daily chart supports this bullish view. A golden cross occurs when short-term averages surpass long-term ones,signaling a potential price surge. A golden cross could push Pepe past $0001625, hinting at a new high.
