Pepe Coin went on a wild ride in early September, marked by significant price volatility and a worrying dip in its performance.
PEPE’s price action early this month followed a bearish pennant pattern, characterized by two converging trend lines. This pattern generally signals indecisiveness in the market as buyers and sellers struggle for control. However, the situation worsened when the currency broke below its supportive trendline, increasing pressure on the supply side.
According to the latest data from Coin geckothe coin is trading at $0.00000067, showing a loss of 3.9% in the past 24 hours and a substantial drop of 14.4% in the past week. Most notably, PEPE has disappeared from the coveted crypto top 100 list on CoinGecko.
The selling pressure of PEPE is increasing
On September 10, PEPE received one bearish breakdown because it broke the supporting trend line. This development, coupled with increasing supply pressure in the altcoin landscape, resulted in a sharp decline in the value of PEPE. Investors and enthusiasts began to question the future of the coin as it struggled to maintain its position.
Source: Coingape
In addition to the concerns surrounding PEPE, tweet from Lookonchain on September 11 drew attention to a special event. Several investors chose to sell their PEPE shares and exchange them for PNDC (Pandacoin). Three wallets together sold a whopping 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 wallets $PEPE positions $PNDC Today.
They sold a total of 1.38 tons $PEPE for 600 $ETH($965K) and 600 issued $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 statistics paint a bleak picture
A deeper look at PEPE’s on-chain metrics amplified the growing discomfort within the crypto community. Buying pressure on the meme-inspired coin remained high, paradoxically contributing to the bearish sentiment. In particular, the supply of PEPE on the exchanges has seen a sharp increase in recent days, indicating a strong increase in sales 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 decline in off-exchange PEPE supply, further emphasizing increasing selling pressure. Furthermore, PEPE exchange inflows witnessed a noticeable spike while the total number of holders declined, painting a bleak picture for the cryptocurrency.
PEPE’s performance in early September was nothing short of turbulent. The journey from a bearish pennant pattern to a breakdown below support has investors and enthusiasts concerned about the future. The remarkable wallet activity and on-chain metrics only add to these concerns, leaving the crypto community with more questions than answers about the fate of PEPE in the coming days.
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