Pepe Coin has been on a wild ride in early September, characterized by significant price volatility and a troubling dip in its performance.
The price action of PEPE early this month followed a bearish pennant pattern, marked by two converging trendlines. This pattern typically signals indecision in the market, as buyers and sellers wrestle for control. However, the situation took a turn for the worse as the coin broke below its support trendline, increasing the pressure on the supply side.
As of the latest data from CoinGecko, the coin is trading at $0.00000067, showing a 3.9% loss in the past 24 hours and a substantial 14.4% decline over the past week. Most notably, PEPE has tumbled out of the coveted crypto top 100 list on CoinGecko.
PEPE Selling Pressure Intensifies
On September 10, PEPE suffered a bearish breakdown as it breached the support trendline. This development, coupled with a rising supply pressure across the altcoin landscape, resulted in a sharp decline in the value of PEPE. Investors and enthusiasts began to question the coin’s future as it struggled to maintain its position.
Source: Coingape
Adding to the concerns surrounding PEPE, a tweet from Lookonchain on September 11 drew attention to a peculiar event. Several investors opted to sell their PEPE holdings, swapping them for PNDC (Pandacoin). Three wallets collectively sold a staggering 1.38 trillion PEPE tokens for 600 ETH, equivalent to approximately $965,000. In a surprising twist, they reinvested 600 ETH to purchase 487 billion PNDC tokens.
We noticed that 3 wallets changed their $PEPE positions to $PNDC today.
They sold a total of 1.38T $PEPE for 600 $ETH($965K) and spent 600 $ETH to buy 487B $PNDC.
Address:https://t.co/tPT0P3KvOghttps://t.co/nKOS9H3tbGhttps://t.co/EzkRW2BuPt pic.twitter.com/f7rUHZY2jx
— Lookonchain (@lookonchain) September 11, 2023
On-Chain Metrics Paint A Grim Picture
A deeper look at PEPE’s on-chain metrics reinforced the growing unease within the crypto community. Buying pressure on the meme-inspired coin remained high, which, paradoxically, contributed to the bearish sentiment. Notably, PEPE’s supply on exchanges experienced a sharp increase over the past few days, indicating a surge in selling activity.
PEPEUSD currently trading at $0.000001 on the daily chart: TradingView.com
What Lies Ahead For Pepe Coin?
This shift occurred simultaneously with a decrease in PEPE’s supply outside of exchanges, further…
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