PEPE whales are saving the meme coin’s price, which has been struggling to recover its losses following a significant crash at the end of July. Despite several attempts to regain momentum, PEPE remains close to testing a critical support floor.
As of now, these large wallet holders seem to be the key force preventing further decline. Without their intervention, the altcoin could potentially lose its support level, leading to a deeper price drop.
In recent weeks, the overall market sentiment surrounding the PEPE price has turned increasingly bearish. Long-term holders have shown signs of decreasing confidence. The “age consumed” metric spiked to its highest level in two months, indicating that long-term holders are moving significant portions of their holdings, suggesting growing concerns about PEPE’s future performance.
Despite the bearish outlook, whale activity has played a crucial role in keeping the PEPE price afloat. Earlier this week, top addresses collectively added more than 6 trillion PEPE, valued at a little over $42 million. These whales appear to be employing a “buy low” strategy, accumulating large amounts of the coin to stabilize its price. Their purchasing power has been instrumental in preventing PEPE from a sharper decline.
This crypto whale activity suggests that large wallet holders still see potential in PEPE and are willing to support its price. However, this doesn’t negate the risk of further losses if whales reduce their buying or broader market conditions deteriorate.
PEPE price is presently trading just above its critical support floor of $0.00000702. This line has acted as strong support multiple times over the past few months. There is a reasonable expectation that PEPE will hold above this level for now. The continued efforts of large wallet holders have balanced the bearish sentiment from long-term holders, preventing a potential 10.6% drop to the next support level at $0.00000633.
Currently priced at $0.00000710, PEPE is likely to continue its sideways movement in the near term. If the current level of buying persists, the coin could move toward its next resistance at $0.00000912. However, if selling pressure intensifies, PEPE could see a decline to its support level at $0.00000633.
