The price of Pepe Coin has declined by 83% from its peak this year, with both on-chain data and technical indicators suggesting the downturn may continue. A recent influx of over 7.4 trillion PEPE tokens onto exchanges, the formation of a bearish chart pattern, and waning interest across the meme coin sector are creating significant headwinds for the token.
Exchange Inflows Signal Selling Pressure
Data compiled by Nansen reveals a sharp increase in PEPE held on exchanges, a common indicator of rising selling pressure. The total balance has climbed from 251.16 trillion to 258 trillion since November 6, marking an inflow of nearly 7.4 trillion tokens. This trend coincides with large-scale investors, or “whales,” reducing their holdings. Whale-owned PEPE has decreased from 6.28 trillion in August to 4.65 trillion today.
This selling pressure isn’t unique to Pepe Coin, suggesting a broader decline in enthusiasm for meme tokens. Other popular coins like Dogwifhat (WIF) and Bonk (BONK) have also seen their exchange supplies increase, indicating a market-wide trend of investors moving tokens into positions where they can be sold.
Technical Analysis Points to Further Declines
The daily price chart for PEPE reveals several bearish signals. The token recently fell below the critical support level of $0.000005300, which was the neckline of a large head-and-shoulders pattern—a classic sign of a potential trend reversal to the downside.
The price remains below both the 50-day and 200-day Exponential Moving Averages, reinforcing the view that sellers are in control. Furthermore, the Supertrend indicator has confirmed the ongoing downtrend. Given these technical factors, including an inverse cup-and-handle formation, the price will likely continue to fall, with the next major support level projected at $0.0000020.
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