- Whale wallets sold over 1.16 trillion PEPE tokens within 24 hours, indicating a strategic shift away from the asset.
- Bear flag formation and weakening indicators signal potential for a further 50% decline in Pepe Coin’s price.
- Diminished buying activity and negative CMF highlight weak trader confidence, threatening price support in the near term.
Pepe Coin is showing signs of growing instability after a major sell-off from large holders. Over 1.16 trillion PEPE tokens were dumped within 24 hours, as reflected in data from IntoTheBlock. The whale netflow data shows a sudden drop in large wallet balances, indicating reduced confidence among top holders.
Despite a 2.7% gain in the last 24 hours, PEPE’s overall monthly trend has turned negative with an 11% decline. The token traded at $0.0000102 on July 9, with a 24-hour volume of $673 million. However, this uptick is overshadowed by mounting selling pressure from whales who appear to be repositioning in anticipation of a deeper decline.
Bear Flag Pattern Indicates Potential Crash
Technical analysis of PEPE reveals the formation of a bearish flag on the daily chart, often viewed as a precursor to continued downtrend movement. The pattern follows a previous 49% price decline, suggesting a repeat could push the price near $0.00000480. This flag structure indicates weakening momentum and aligns with whale behavior seen recently.
The downward position is further deteriorated by the fact that the Average Directional Index (ADX) indicates a declining positive trend. Here, the Chaikin Money Flow (CMF) indicator is still at a negative position, indicating insufficient aggressive buying power at present levels. Such indicators indicate the decay of bullish momentum, which leads to the raising of concern about increasing losses.
Market Sentiment Shifts to Rival Meme Tokens
While PEPE lags in performance, other meme coins like Dogecoin have benefited from renewed trader interest. This divergence may lead to a shift in capital toward more promising assets. especially if PEPE continues to underperform. The loss of market interest could deepen the ongoing decline.
Pepe Coin is currently under strong selling pressure due to whale exits and negative technical signals. With a bearish flag forming and major holders offloading significant amounts of tokens, the market outlook remains uncertain. Unless buying interest returns and whale activity reverses, PEPE could face a steep decline in the coming days.
