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Pepe Coin (PEPE) Price: Whale Accumulation Reaches $20 Million Despite 50% Market Cap Decline
The Pepe Coin, a popular meme cryptocurrency, has witnessed a significant decline in its market capitalization, with a staggering 50% drop. This substantial decrease could have been a catalyst for panic selling and a further downturn in the PEPE price. However, a surprising development has caught the attention of investors: large holders have withdrawn up to $20 million worth of PEPE from exchanges to cold storage.
This whale accumulation is an intriguing sign that may hint at a potential recovery for the cryptocurrency. As market sentiment continues to fluctuate, it’s essential to examine the technical aspects and assess whether this move could be the start of a new upward trend.
The Relative Strength Index (RSI) has reached oversold levels, indicating that PEPE might have hit its lowest point. If this is the case, a price bounce may follow as whales re-enter the market. It’s crucial to keep an eye on support levels and resistance zones to gauge potential targets for future gains or losses.
A recent surge in social media activity could also contribute to the recovery momentum. As the token has surpassed 400,000 holders, community engagement remains strong despite the downward trajectory of its value. In February, consistent efforts were made to maintain community involvement through memes and discussions, which may have contributed to this resilience.
High-profile figures like Elon Musk’s indirect influence on sentiment around frog-themed tokens adds further speculative momentum for PEPE’s potential comeback. Meme coins have historically recovered quickly when market sentiment turns positive, so it is essential to track macroeconomic factors that could impact the entire crypto sector and potentially influence PEPE’s price movement.
In conclusion, while PEPE Coin has not been immune to the broader market volatility, this whale accumulation signals a crucial turning point in its trajectory. It is essential for long-term investors to monitor key resistance levels, as well as support zones, to determine whether this trend can continue or reverse.
Source: https://blockonomi.com/pepe-coin-pepe-price-whale-accumulation-reaches-20-million-despite-50-market-cap-decline/
