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cryptocurrency experienced a 46% drop in August, but has recently found a stable support level around $0.0000008.
- On-chain data trends indicate that long-term PEPE holders are regaining confidence following last month’s selling frenzy.
- As the PEPE community battles fund theft, trading activities of whales appear to influence PEPE prices.
This article provides an in-depth analysis of the recent performance of PEPE cryptocurrency, highlighting key trends and factors influencing its price.
PEPE’s Stability Amidst Market Turbulence
Following a significant 46% drop in August, PEPE cryptocurrency has managed to find a stable support level around $0.0000008. This stability, coming after a period of panic selling, could signal potential recovery for PEPE.
Regaining Investor Confidence
On-chain data trends suggest that long-term PEPE holders, also known as memecoin holders, are regaining their confidence after the selling frenzy witnessed last month. The Consumed Age metric, which tracks changes in trading activities among long-term holders within a Blockchain community, has dropped to its lowest level in two months, indicating a possible decrease in selling pressure.
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PEPE Price Analysis and the Role of Whales
A significant decrease in the Consumed Age could mean less selling pressure and fewer long-held tokens currently in motion. This situation has helped PEPE price remain stable above the $0.00000075 support level last week. As the PEPE community grapples with recent fund theft, whale investors in the PEPE network appear to be adopting a bullish stance. However, historical data trends suggest that a positive shift in the attitude of the whale could trigger a recovery in PEPE prices.
Charts show how PEPE price began to fall around August 24, when whales started selling. The decline in whale trading activity from 208 transactions on August 25 to 10 transactions on September 5 reflects the price trend. Since then, price movements have been closely related to whale trading activities.
In conclusion, despite the recent challenges, PEPE cryptocurrency seems to be showing signs of stability and potential recovery. The role of whale investors and the regained confidence of long-term holders could play a crucial part in determining the future performance of this cryptocurrency.