Pepe Coin is showing no signs of recovery as its price continues to slide, with fresh data suggesting that large holders, often called whales, are starting to give up on the token. This growing sell-off could push the meme coin even lower in the coming weeks.
The Pepe token recently dropped to around $0.000003745, marking its weakest level since October 10. From its peak in May, the price is now down by roughly 78%, highlighting the scale of the downturn. The steady decline since May has already worried many investors, and the latest on-chain signals are adding to those concerns.
One of the biggest red flags comes from whale activity. On-chain data shows that whales have begun trimming their holdings over the past few days. While they still control about 4.51 trillion Pepe tokens, this figure is slightly lower than the monthly high, suggesting that selling pressure is building. Such behavior is often seen during periods of capitulation, when large investors lose confidence after extended price weakness and decide to exit their positions.
Smart money investors are also pulling back. Their Pepe holdings have slipped from 211 billion tokens in November to 209 billion, a notable move given that these investors are typically associated with more successful trades. When both whales and smart money step aside, it often signals deeper trouble ahead for an asset.
At the same time, the supply of Pepe tokens held on exchanges has been climbing. Exchange balances now stand at around 265.81 trillion tokens, up sharply from this month’s low of 203 billion. Rising exchange supply usually points to increased selling intent, as investors move tokens to exchanges to offload them.
Broader market factors could also add to volatility. Investors are closely watching the upcoming Bank of Japan interest rate decision, with expectations that rates could rise from 0.25% to 0.75%. Such a move may ripple through global markets, including cryptocurrencies, and could further pressure riskier assets like meme coins.
Derivatives data paints a similar picture. Pepe’s futures open interest has declined over recent months, while funding rates remain neutral. This suggests fading trader enthusiasm and thinning liquidity, which can amplify price swings during sell-offs.
From a technical perspective, the outlook remains bearish. Pepe has been in a clear downtrend since topping out at $0.00001667 in May. The price is trading below all major moving averages and the Parabolic SAR indicator. Momentum tools like the Awesome Oscillator and Bull/Bear Power have stayed below zero, showing that sellers are firmly in control.
If the current trend continues, Pepe Coin could fall toward $0.000002816, its October low. That level represents a potential 30% drop from current prices. The bearish scenario would only start to weaken if Pepe manages to climb above the 50-day moving average, which currently acts as strong resistance.
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