Developments continue in the leading frog-themed meme coins that marked June in the cryptocurrency world. Investors expect a decline in the meme coin, so the PEPE price may not host a rally. The primary reason for this potential expectation and bleak outlook is the significant withdrawal of whales.
PEPE Coin Comments
The PEPE price is currently trading at $0.0000080, with an expectation of a breakout from a bullish descending wedge. However, this may not materialize due to investors’ lack of optimism.
As the number of transactions by investors continues to decline, network participation has also decreased. Active addresses transacting in PEPE are at the lowest point in six months due to low interest, offering no exit opportunities for investors.
Additionally, the actions of large investors, commonly referred to as whales, continue to negatively impact overall investor confidence. Due to the decline in transaction levels by these whales, individual investors might also become hesitant to participate.
This hesitancy among individual investors could lead to high-volume transactions moving away from desired levels. As whale activities in PEPE decline, it indicates a potential lack of faith or interest in the current market conditions.
In just two weeks, the daily total transaction volume dropped by an average of 60%, falling from $83 million to $33 million. This decline highlights the potential impact of whale activities on the overall market.
If whales remain inactive as seen today, a price rise may be postponed to another time.
How Much Will PEPE Be Worth?
As of the time of writing, the PEPE price continues to stay above the $0.00000775 support level, which is known to be a significant support for a potential recovery. The falling wedge formation suggests an 80% potential rise towards the all-time high of $0.00001725.
However, considering all the above factors, an upward breakout in this chart remains unlikely for now. Therefore, the meme coin may continue to stay below the $0.00001000 level until clearer signs of a rise appear.
Finally, if there is a change in investor behavior and a trend reversal occurs, the PEPE price could turn $0.00001000 into support. This could lead to a larger rise and potential breakout, eliminating the downward outlook.
