Pepe Coin has experienced a tumultuous journey in early September, characterized by significant price volatility and a concerning dip in its performance. The price action of PEPE followed a bearish pennant pattern, which is marked by two converging trendlines and signifies a period of indecision in the market. During this time, buyers and sellers were wrestling for control. However, the situation took a turn for the worse when the coin broke below its support trendline, increasing the pressure on the supply side.
According to the latest data from CoinGecko, Pepe Coin is currently trading at $0.00000067, reflecting a 3.9% loss in the past 24 hours and a substantial 14.4% decline over the past week. Another significant blow to PEPE’s position is that it has fallen out of the coveted crypto top 100 list on CoinGecko.
The selling pressure on PEPE intensified on September 10 when the coin experienced a bearish breakdown, breaching its support trendline. This event, coupled with a rising supply pressure across the altcoin market, led to a sharp decline in PEPE’s value. As a result, investors and enthusiasts began to question the coin’s future.
Adding to the concerns surrounding PEPE, a tweet from Lookonchain on September 11 drew attention to a peculiar event. Several investors sold their PEPE holdings and swapped them for PNDC (Pandacoin). Three wallets collectively sold a staggering 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.
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A deeper analysis of PEPE’s on-chain metrics reinforces the growing unease within the crypto community. While buying pressure on the coin remained high, paradoxically, it contributed to the bearish sentiment. Notably, PEPE’s supply on exchanges experienced a sharp increase in the past few days, indicating a surge in selling activity.
Looking ahead, the future of Pepe Coin is uncertain. The shift in supply occurring simultaneously with a decrease in PEPE’s supply outside of exchanges further highlights the rising selling pressure. Additionally, PEPE’s exchange inflow witnessed a noticeable spike, while the total number of holders declined, painting a gloomy picture for the cryptocurrency.
PEPE’s performance in early September has been turbulent, with its journey from a bearish pennant pattern to a breakdown below support causing concern among investors and enthusiasts. The notable wallet activity and on-chain metrics only serve to compound these concerns, leaving the crypto community with more questions than answers about the fate of PEPE in the coming days.
It’s important to note that the content provided here should not be construed as investment advice. Investing in cryptocurrencies carries risk, and when you invest, your capital is subject to risk.
In conclusion, Pepe Coin has faced significant challenges in early September, with price volatility and a drop in performance. The breach of the support trendline, increased selling pressure, and significant wallet activity have raised concerns about the future of PEPE. As the crypto community awaits further developments, uncertainty looms over the fate of Pepe Coin.
