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Key Takeaways:
- PEPE price is under pressure as whales reduce holdings and MVRV Z-score turns negative, signaling potential capitulation.
- Key support at $0.00001000 could trigger a rebound toward $0.00001300 if held, with RSI showing early signs of bullish momentum.
The price of Pepe (PEPE) has slumped 3.3% over the past week, as meme coins across the market face mounting pressure during the latest downturn. On-chain metrics hint at growing bearish sentiment, with whales reducing their exposure and locking in losses.
According to recent data, wallets “in the money” holding PEPE have dropped by 7%, meaning more investors are now underwater. Simultaneously, large transaction volumes have fallen by 5%, reflecting reduced whale activity.
Adding to the bearish outlook, PEPE’s MVRV Z-score — a key metric that tracks the proportion of wallets holding unrealized gains — has dipped into negative territory and continues to decline. Historically, prolonged negative MVRV levels can indicate capitulation among whales, as they exit positions and absorb losses.
Geopolitical tensions, particularly the recent conflict between Iran and Israel, may have also fueled this risk-off sentiment among crypto traders.
Key Support Holds the Key to PEPE’s Next Move
Despite the gloom, PEPE’s price action suggests that a potential rebound is still possible — if bulls can defend the critical $0.00001000 support level. A break below this threshold could trigger a deeper correction toward $0.00000800.
However, if PEPE manages to hold this floor, the door remains open for a rally toward the $0.00001300 level. On the technical side, the 4-hour Relative Strength Index (RSI) has climbed above its 14-day moving average, hinting that positive momentum may be building.
For a more decisive bullish signal, traders are watching for a potential “golden cross” between the 9-day and 21-day Exponential Moving Averages (EMAs). If this occurs, it could confirm a short-term bullish reversal and support a move toward higher targets.
Solana Meme Coin Ecosystem Gains Momentum as Solaxy Launch Nears
Interestingly, while many meme coins on Ethereum face headwinds, Solana’s meme coin ecosystem has been showing signs of resilience. Driving some of this optimism is the imminent launch of Solaxy (SOLX), a new layer-2 scaling solution built for the Solana blockchain.
Also Read: Can PEPE Make You a Millionaire? 2030 Price Forecast Will Shock You
Solaxy’s goal is to eliminate congestion by bundling transactions offline, then posting them to the mainnet — a move that boosts transaction throughput and efficiency. The project’s presale has already raised an impressive $55 million, and the mainnet is set to launch in just three days.
With staking rewards of up to 76%, and growing interest from whales and exchanges, $SOLX could see substantial demand in the coming weeks. Interested investors still have the opportunity to purchase $SOLX at discounted presale rates via the Solaxy website by connecting a compatible wallet, such as Best Wallet.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
