The price of Pepe Coin has hit a serious roadblock. Its recovery has stalled at a key resistance level — and a massive sell-off by large holders suggests that the risk of a major drop remains high.
🐋 Whales Are Jumping Ship: 41 Trillion Tokens Sold
According to data from Santiment, large investors (whales) have reduced their Pepe Coin holdings from 165 trillion to 148.7 trillion tokens since February.
This sharp decline matches this year’s double-digit price drop.
Moreover, the declining 90-day Mean Dollar Invested Age (MDIA) shows increased selling pressure.
📉 Ethereum’s Struggles Are Dragging Pepe Down
The price of Ethereum (ETH) has so far failed to break above the critical $2,000 psychological level.
This is weighing not just on ETH but also on the broader meme coin ecosystem, including Pepe and Shiba Inu.
Without a breakout above $2,000, it will be difficult for Pepe Coin to gain strong momentum.
⚖️ Signs of Hope: Selling Pressure Weakens
Despite these challenges, there are some early positive signals:
🔹 Token supply has remained stable since April 24
🔹 The number of tokens on exchanges dropped from 255.81 trillion to 254.9 trillion
A decreasing volume of coins on exchanges is typically seen as a bullish indicator, suggesting reduced selling pressure.
📊 Technical Analysis: Stalling at a Critical Level
The chart shows that Pepe Coin bounced off a bottom at $0.00000572, forming a classic double bottom pattern — a bullish reversal signal.
If Pepe manages to break above the neckline at $0.00000917, it could trigger a strong rally.
However, Pepe is currently struggling to overcome this resistance.
If it fails to break out, the price could drop back to retest the $0.00000572 low, roughly 40% below the current level.
Falling below this year’s low would confirm a more bearish outlook for Pepe Coin.
🚀 Potential for a Massive Rally If Resistance Breaks
On a more optimistic note, if Pepe Coin successfully breaks through the neckline, it could soar by 87%, potentially climbing to $0.00001712, which was the high from May 28 last year.
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