Pepe, the third-largest meme coin by market capitalization, fell to its lowest level since November 13 as whales sold their holdings, pushing exchange balances higher.
Pepe (Pepe) fell to a low of $0.00001210, down more than 54% from its December high.
Data from Nansen shows that the quantity of coins on exchanges has increased, indicating continued selling pressure from investors. Tokens on exchanges rose 1.31% to 240.28 trillion from 237.18 trillion a week earlier. Total supply on exchanges climbed 0.74% to 57.12%.
Other data reveals that Pepe whales have unloaded their holdings. According to Lookonchain, several whales have moved their holdings to exchanges, suggesting that these investors expect the downtrend to persist.
Meanwhile, smart money investors have also reduced their positions. The number of smart money holders fell to 69, down from 91 in December. These investors now hold 9.5 trillion Pepe coins, a drop from almost 12 trillion in March last year.
Pepe’s crash coincided with declines in other coins. For example, Shiba Inu (Salogner) fell 45% from its peak in November, while Bonk fell 57% during the same period.
These meme coins can still rebound if Bitcoin (BTC) is gaining momentum from a relatively dominant federal reserve.
Pepe coin price formed a risky pattern
The daily chart shows that Pepe has formed the bearish head and shoulder pattern. This pattern consists of a head, two shoulders and a neckline. The coin has now moved below the neckline at $0.00001716.
Pepe is also approaching the formation of a death cross pattern, which occurs when the 200-day and 50-day weighted moving averages cross. The gap between the two averages has continued to narrow, suggesting that the pattern could emerge if the selling persists.
Additionally, Pepe moved to the support and resistance (S&R) pivot point of the Murrey math lines. The MACD and Relative Strength Index (RSI) continued to decline. Therefore, the coin is likely to extend its losses, with traders targeting key support at $0.0000060, its lowest level in August.