Popular Memecoin Whales Are Selling: Is Price Under Pressure?
Release: 2024/11/27 22:34 Reading: 427
- Original author：The Bit Journal
- Original source：https://thebitjournal.com/?p=72089
The Bearish Trend in the Crypto Market
The past week has witnessed a bearish trend in the crypto market, with popular memecoin, Pepe, experiencing significant losses. The token's price has plummeted from $0.00002567 to $0.000018, driven by panic selling from major investors. This has created substantial selling pressure in the market.
- Whale Activity Triggers Panic in Memecoin Market
Recent days have seen aggressive selling by Pepe whales. Data from Spotonchain reveals a single whale depositing a massive 254.65 billion Pepe tokens into Binance within 24 hours. Such large deposits indicate an intent to sell, escalating market pressure.
These significant sales induce a chain reaction, causing prices to spiral downward. In a project like Pepe, where whales possess sizable portions of the supply, their selling triggers panic among smaller investors, leading to further selling and a more pronounced price decline.
- Impact on Price Charts
Whale activity has profoundly impacted Pepe's price charts, exacerbating the downward trend. The token experienced a daily decline of 7.80%, trading at $0.00001863. Market sentiment for Pepe has shifted from bullish to bearish, according to recent analysis.
The long/short ratio for Pepe indicates that short positions dominate the market, with shorts constituting 53% of trades. This suggests traders anticipate further price declines, underlining the growing negativity in market sentiment.
- Investor Behavior and Technical Indicators
Pepe's MVRV ratio, which measures holder profitability, has dropped from 39 to 35 in the past week. This decline signifies waning confidence among long-term investors, with many choosing to sell. Furthermore, total liquidations of long positions amounting to $4.97 million have contributed to market pressure.
The MACD (Moving Average Convergence Divergence) indicator also confirms a strengthening bearish trend. This technical signal highlights the dominance of sellers, indicating a sustained negative trajectory in market sentiment.
- Future of Pepe and Investor Outlook
Current market conditions suggest a potential for further declines in Pepe's price. If the bearish trend persists, the token may find support at $0.00001576. However, persistent selling pressure and negative sentiment could present additional challenges for Pepe in the coming days.
Investors are advised to monitor price movements closely and adjust their strategies accordingly to navigate this volatile market environment.
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