PEPE risks a deeper correction as whales sell 80 billion tokens
Key takeaways
- PEPE trades near $0.00000348 after rejection at its 200-day EMA.
- Whales holding 10 million to 100 million PEPE have sold 80 billion tokens since August 25.
- A break below $0.00000313 could trigger a correction toward $0.00000230.
Pepe (PEPE) remained under pressure on Thursday, trading near $0.00000348 after failing to overcome a crucial resistance level.
On-chain data shows that large holders have been reducing their positions, potentially increasing near-term selling pressure. Meanwhile, conflicting derivatives signals and weakening technical momentum leave PEPE exposed to a deeper price correction.
PEPE whales take profits after August rally
Santiment's Supply Distribution data shows that some of PEPE's largest holders have been selling tokens following the meme coin's strong gains in mid-August.
Wallets holding between 10 million and 100 million PEPE have collectively offloaded approximately 80 billion tokens since August 25. This substantial distribution suggests that larger investors are taking profits after the recent rally.
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