PEPE, one of the most popular meme coins in the crypto market, has been battling to regain its footing since a significant price crash at the end of July. Despite multiple attempts to rally, the coin remains teetering near a critical support floor. However, large wallet holders, commonly referred to as whales, appear to be the last line of defense in preventing further decline.
Whales To The Rescue – PEPE’s Price Lifeline
In recent weeks, market sentiment around PEPE has grown increasingly bearish. Long-term holders, who are typically crucial in stabilizing prices, have started to lose confidence in the meme coin. One key metric, “age consumed”—which tracks the activity of long-term holders—spiked to its highest level in two months. This signals that major holders are moving large portions of their PEPE holdings, often a sign of impatience and concern about future price declines.
Despite this, crypto whales have stepped in to support the price. Earlier this week, top non-exchange wallets collectively added over 6 trillion PEPE, valued at more than $42 million. This “buy low” strategy has so far helped prevent PEPE from sliding further. The move by these whales indicates their belief in the coin’s potential, even as general market sentiment remains bearish.
PEPE Price Prediction – Will Whales Hold the Line?
Currently, PEPE is trading just above its critical support level of $0.00000702, a line that has held strong in previous downturns. If this level breaks, the coin could face a steeper decline. Without the intervention of these whales, PEPE was on track to drop another 10.6%, potentially testing the next support level at $0.00000633.
At its current price of $0.00000710, PEPE seems to be in a holding pattern, moving sideways with limited volatility. As long as whales continue to accumulate and stabilize the price, there is a possibility of PEPE moving towards its next resistance level of $0.00000912.
Also Read: Pepe Coin Price on Edge – NFP Report Could Trigger a 27% Rally or 26% Plunge
What’s Next for PEPE?
While whale activity has kept PEPE afloat, the coin’s future remains uncertain. Long-term holders are clearly wary, and if selling pressure mounts or whales begin reducing their holdings, PEPE could lose its critical support and enter a deeper price drop. In a worst-case scenario, breaking below $0.00000702 would lead to a further decline toward $0.00000633, potentially dampening any short-term recovery hopes.
PEPE’s next steps will largely depend on whether these large holders continue their buying strategy or if broader market conditions shift negatively. In either case, the role of whales will remain a key factor in determining whether PEPE can recover or face further losses.
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.
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