Pepe’s Price Plunge: A Tale of Whales, Smart Money, and Golden Crosses! 🐋💰

by

Ah, the saga of Pepe! On this fateful Saturday, May 24, the price of our beloved meme coin took a nosedive, echoing the somber tunes of Bitcoin and its altcoin companions. 🎢

Pepe (PEPE), the second-largest Ethereum (ETH) meme coin, found itself sinking to a mere $0.000014, a staggering 14% drop from its glorious peak earlier this week. Talk about a rollercoaster ride! 🎢

This retreat, dear reader, was not without its drama. Market risks escalated on Friday, thanks to none other than Donald Trump, who threatened to impose higher tariffs on European goods and Apple products. As a result, the entire cryptocurrency market cap plummeted from over $3.5 trillion to a paltry $3.4 trillion. Ouch! 💔

But wait, there’s more! On-chain data reveals that the mighty whales, those colossal holders of crypto, have been shedding their treasures. Santiment reports that these aquatic giants now clutch about 141.2 trillion coins worth $1.4 billion, down from a whopping 165 trillion in February. Their current stash is the smallest since last November. 🐋💸

Meanwhile, the so-called “smart money” investors have also been trimming their holdings. Nansen’s data shows these savvy players now possess 244 billion worth of Pepe, a drop from 380 billion just a year ago. Looks like they’re not so smart after all! 😏

Nansen defines these smart money investors as sophisticated and highly experienced holders, quick to spot trend reversals. But with their current moves, one might wonder if they’ve misplaced their glasses! 🤓

Adding to the intrigue, Pepe balances on exchanges have begun to rise. On Saturday, there were 252.9 trillion Pepe coins on exchanges, up from this week’s low of 251.3 trillion. A red flag, indeed! 🚩 This signals that more investors are moving their coins from self-custody to the exchanges, likely to sell. What a twist!

Pepe Price Technical Analysis

But fear not, for there is a glimmer of hope! Pepe boasts strong technicals that could attract both smart money and whales back into the fold. The daily chart hints at a golden cross pattern, as the 200-day and 50-day Exponential Moving Averages prepare for their grand crossover. This crossover often heralds more gains in the long run. 🌟

Moreover, Pepe has formed a rounded bottom pattern, a classic precursor to continuation. So, hold onto your hats! If it breaks above this week’s high of $0.00001625, we might just see it soar to a record high of $0.00002840. The drama continues! 🎉

Read More

2025-05-24 21:21