Pepe and other popular meme coins have been losing value for almost a month. They have fallen about 40% in price as the wider crypto market stays weak. Pepe has not found a stable price since the big drop that happened in October last year.
Since that time, very large holders of Pepe, often called “whales,” have been buying a lot. In this case, the whales have collected a huge amount of Pepe tokens. This story is about what these big buyers are doing and what it might mean for the price in the near future.
Heavy Whale Accumulation
In a recent update, the data firm Santiment said that Pepe, the frog-themed token, has lost about 73% of its total market value since it reached its highest value about nine months ago. This means the overall value of all Pepe coins on the market has fallen a lot since its peak.
Even though the price and market value have dropped, Santiment noted a big change in how the largest Pepe holders are behaving. During the October market crash (which happened a few months ago), the 100 biggest Pepe wallets started to buy again. Together, these top wallets added about 23.02 trillion PEPE tokens to their holdings. In crypto analysis, these large buyers are often called “smart money.” They are watched closely because their moves can influence what happens next with a coin.
Santiment’s point is simple: when rich investors start buying more of an altcoin (coins other than Bitcoin) like Pepe, this can be an early sign that the coin might begin to rise again later. This often happens after Bitcoin shows stronger, healthier momentum.
Right now, everyday investors, or “retail” buyers, are feeling very pessimistic about Pepe and other meme coins. But for coins that show heavy accumulation by big holders, history teaches that a breakout can happen when Bitcoin turns more bullish. In plain terms: if the big buyers keep gathering Pepe and Bitcoin starts to climb, Pepe could start to rise too.
Bearish Views and Possible Downside
Not everyone agrees. A market analyst who studies price charts said Pepe’s price path looks clearly bearish. The analysis notes several technical signs that traders watch to guess future moves.
Right now, Pepe is trading below all of the big moving averages. A moving average is a simple calculation that helps smooth out price data to show a clearer trend over time. Being below these lines can be a sign of continued weakness.
Another tool called the Supertrend indicator is giving a “sell” signal. This is a signal used by traders to decide when the price is likely to move down. The ADX, or Average Directional Index, shows a strong trend is present, and the negative directional indicator is dominating. In short, these signals point to more downside pressure for Pepe in the near term.
The analyst also pointed to a key price level to watch: $0.0000031. This is seen as a support level, meaning a price where the token might stop falling and could start to rise again. If Pepe falls below this level, the next potential targets could be $0.00000197 and then $0.000000529. On the other hand, a move back above $0.00000726 would push attention toward a possible reversal and a new upward move.
Meme Coins’ Struggle Continues
Pepe is not the only meme coin having a hard time right now. Pepe’s price sits around $0.0000035, down about 4% in the last day. Dogecoin, the oldest and most famous meme coin by market size, is also not doing well and trades near $0.090. Shiba Inu, another well-known meme coin, is down about 3% and trades around $0.0000058.
Other meme coins like Bonk and Floki have faced similar declines as the market conditions stay difficult.
The full discussion about Pepe and the big purchases by whales appeared on CryptoPotato.
Glossary and Definitions
The article uses several terms that may be new to new readers. Here are short explanations with links to simple, reliable pages that explain them in more detail:
- Pepe the Frog — A well-known internet character (a frog) that became a popular meme. It has been used in many online jokes and posts, and it also became the name of the Pepe token. Wikipedia.
- Meme coin — A cryptocurrency that started from a meme or joke. Its price often moves with social media hype and attention, not just how useful it is. Wikipedia.
- Dogecoin — The first famous meme coin, created as a joke but later widely traded. It features the Doge meme on its logo. Wikipedia.
- Shiba Inu (cryptocurrency) — A meme coin inspired by the Shiba Inu dog breed. It rose quickly in 2021 and is part of meme culture. Wikipedia.
- Bitcoin — The first decentralized cryptocurrency, created in 2009. It introduced the idea of a peer-to-peer electronic cash system using blockchain. Wikipedia.
These explanations are meant to help readers understand the big ideas behind the numbers in the article.