Pepe Coin Faces Volatility and Decline in Performance
Pepe Coin has experienced a turbulent period in early September, with significant price volatility and a concerning decrease in its performance. The coin’s price action followed a bearish pennant pattern, characterized by converging trendlines that indicated market indecision. However, the situation worsened as Pepe Coin broke below its support trendline, leading to increased pressure on the supply side.
According to CoinGecko, Pepe Coin is currently trading at $0.00000067, reflecting a 3.9% loss in the past 24 hours and a significant 14.4% decline over the past week. Notably, Pepe Coin has also dropped out of the top 100 list on CoinGecko.
Intensifying Selling Pressure
On September 10, Pepe Coin experienced a bearish breakdown as it breached its support trendline. This, combined with a growing supply pressure in the altcoin market, resulted in a sharp decline in the coin’s value. Investors and enthusiasts began to question the future of Pepe Coin as it struggled to maintain its position.
Furthermore, a tweet from Lookonchain on September 11 drew attention to a peculiar event. Several investors decided to sell their Pepe Coin holdings and exchanged them for PNDC (Pandacoin). This involved the sale of 1.38 trillion Pepe tokens for 600 ETH, equivalent to approximately $965,000. In an unexpected twist, the investors reinvested 600 ETH to purchase 487 billion PNDC tokens.
— Lookonchain (@lookonchain) September 11, 2023
Concerning On-Chain Metrics
A closer analysis of Pepe Coin’s on-chain metrics has reinforced the growing unease among the cryptocurrency community. While buying pressure on the coin remained high, paradoxically, it contributed to the bearish sentiment. Notably, the coin’s supply on exchanges saw a significant increase in recent days, indicating a surge in selling activity.
Additionally, Pepe Coin’s exchange inflow witnessed a notable spike, while the total number of holders decreased. These metrics paint a bleak picture for the future of the cryptocurrency.
Uncertain Future for Pepe Coin
Pepe Coin’s performance in early September has been highly turbulent. From a bearish pennant pattern to a breakdown below support, investors and enthusiasts are growing increasingly concerned about its future. The recent wallet activity and on-chain metrics only amplify these concerns, leaving the cryptocurrency community with more questions than answers about the fate of Pepe Coin in the coming days.
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
Featured image from Tallahassee Democrat
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