- PEPE faced a 6.9% decline on Wednesday as Bitcoin (BTC) fell to $62,000.
- Several key indicators show that PEPE’s 25% rally is coming to a halt.
- Demand for PEPE in derivatives decreases with the cleared purchase amount of $1.1 million.
Judging by several on-chain indicators, Pepe’s incredible 25% bullish rally over the past seven days is likely to be halted. The cryptocurrency community was excited about Binance Whale’s massive cash haul of 1.23 trillion PEPE tokens three days ago, but the same whale shuffled this amount back onto the exchange yesterday.
Another cryptocurrency whale shuffled a massive 1,241,850,000,000 PEPE tokens into an untagged on-chain wallet on Binance. The recipient of this massive transaction, worth $10.5 million at the time, was confirmed to have stored PEPE tokens. Daily Coin’s The research team found that PEPE is the second largest token in whale wallets, trailing only Ethereum (ETH).
This suggests indecision among the largest PEPE token holders, which has become uncertain among cryptocurrency enthusiasts. PEPE is down 6.9% in the last 24 hours, but the combined spot market liquidity book is yet to give the bears an edge. Recent bids and sales have been almost evenly balanced, with $37 million buying and $38 million selling.
PEPE takes a hit in derivatives markets
The hype surrounding PEPE since last month has been closely tied to Coinbase’s listing of the token on its Coinbase International platform. The move to include a 1,000x PEPE futures contract was unexpected due to Coinbase CEO Brian Armstrong’s previous unfavorable comments about PEPE.
Meanwhile, cryptocurrency enthusiasts participating in PEPE futures trading lost steam on Coinbase, with PEPE futures volume plummeting 63% to $164.8K in the last 24 hours. Real-time on-chain data from CoinGlass shows similar daily declines in PEPE futures trading on Binance and Bybit, resulting in a 39.33% drop in overall trading volume for cryptocurrency derivatives.
At press time, PEPE is trading at $0.000007848, down from its weekly high of $0.000009046. With daily liquidated long positions in PEPE derivatives reaching $1.1 million, the bid-to-sell ratio remains slightly down at 0.912. The negative Chaikin Money Flow (CMF) index of -0.12 confirms today’s PEPE decline.
While the current PEPE price range is still significantly higher than PEPE’s monthly low of $0.00000447, which was reached on April 14, 2024, PEPE’s future price trajectory could go either way due to the neutral Relative Strength Index (RSI) and ultra-wide Bollinger Bands. can. The RSI’s score of 55 confirms the indecisiveness of large-scale cryptocurrency investors, while widening the Bollinger Bands suggests possible price volatility.
On the flipside
- Despite several bearish on-chain indicators, the PEPE holder base has grown exponentially.
- According to IntoTheBlock, both active and new PEPE wallets have surged 44% since last week.
Why This Matters
PEPE is one of the best performing companies in the alternative cryptocurrency market, with annual returns of 241%.
Find out the latest cryptocurrency news from DailyCoin:
Cryptocurrency Exchange Fee Comparison in 2024: Who Has the Lowest Trading Fees?
Michael Saylor Warns SEC to Label ETH, ADA, SOL as Securities