Investors Monitor PEPE Coin Amid Declining Whale Activity

Investors Monitor PEPE Coin Amidst Declining Whale Activity

In the cryptocurrency realm, developments in frog-themed meme coins, like PEPE, continue to unfold. Investors anticipate a potential decline in the coin's value, hindering a rally. This expectation stems from the significant withdrawal of whales, large investors who significantly influence market movements.

PEPE Coin Outlook

Currently trading at $0.0000080, PEPE exhibits the potential for a bullish breakout from a descending wedge formation. However, optimism among investors remains low, casting doubt on its realization.

Network participation has waned due to a decline in investor transactions, with active addresses reaching their lowest point in six months. This lack of interest has limited exit opportunities for investors.

Impact of Whale Inactivity

The behavior of whales continues to negatively impact investor confidence. Reduced transaction levels by these investors have fueled uncertainty among individual investors, leading to a decline in high-volume transactions. Whale inactivity in PEPE indicates a potential lack of faith in the market.

In the past two weeks, daily total transaction volume has plummeted by an average of 60%, from $83 million to $33 million. This drop highlights the whales' significant influence.

Future Prospects

As of this writing, PEPE remains above its support level of $0.00000775, a crucial point for recovery. The falling wedge formation suggests a potential 80% surge towards an all-time high of $0.00001725.

However, considering the current factors, an upward breakout appears unlikely. PEPE may continue trading below $0.00001000 until further signs of a reversal emerge.

If investor sentiment improves and a trend reversal occurs, PEPE could transform $0.00001000 into a support level, leading to a breakout and eliminating the bear outlook.

Originally published on COINTURK NEWS: Investors Monitor PEPE Coin Amid Declining Whale Activity