Pepe Coin is struggling to hold its ground — and the latest on-chain data suggests the meme coin may be headed for even deeper losses. The frog-themed token has already plunged about 83% from its 2024 peak, and market sentiment is showing little sign of recovery.
Over the past several months, Pepe has been forming a bearish technical setup. A massive head-and-shoulders formation on the daily chart recently broke down, adding pressure on an already declining market. The chart breakdown happened after PEPE fell under a major support around $0.0000053, a price level that previously acted as a floor in March and August.
At the time of writing, Pepe trades near $0.0000045, hovering dangerously close to its October lows — the same period when liquidation spikes intensified the sell-off.
Exchange balances jumping — not a good sign
Fresh data from analytics firm Nansen reveals how strongly holders are losing confidence. The total supply of Pepe sitting on centralized exchanges has climbed to 258 trillion tokens, up from about 251.16 trillion just last month. That’s an inflow of 7.4 trillion tokens since November 6 — a large signal that investors are offloading their bags rather than accumulating.
Whales, who once helped drive meme-coin hype, are also stepping back. Their holdings have shrunk to 4.65 trillion tokens, down from 6.28 trillion in August. When big players move to the exits, retail sentiment often follows.
Rising exchange inflows typically reflect increased sell pressure, expanding the available supply on trading platforms — and pushing prices down further.
It’s not just Pepe — meme coin demand cooling off
Pepe’s decline also mirrors a broader trend across the meme coin market. Dogwifhat (WIF) supply on exchanges has climbed from 592 million in October to 616 million, while Bonk (BONK) has risen from 22.8 trillion to 24.67 trillion in just a month. The hype cycle that once pumped these coins seems to be running out of steam.
Technical indicators keep flashing red
Pepe remains firmly trapped below both the 50-day and 200-day Exponential Moving Averages, showing that bears are still in full control. The Supertrend indicator continues to signal active downside momentum.
Traders are also watching an inverse cup-and-handle pattern forming — another bearish signal that often precedes extended declines.
What’s next for PEPE?
If sellers maintain their grip, analysts warn Pepe may revisit the next major support area around $0.0000020 in the coming weeks. A significant turnaround would require renewed meme-coin enthusiasm — something the market hasn’t seen lately.
For now, Pepe holders are bracing themselves. The green frog’s future looks uncertain, and the path ahead could get even bumpier if outflows continue to outweigh demand.
