Pepe Token Tanks as Whales Bail and Retail Buyers Lose Nerve
The meme coin's latest plunge exposes crypto's brutal truth: when big players exit, little guys get left holding the bag.
Market psychology turns vicious as liquidity evaporates—another reminder that in crypto, 'community' often means 'greater fool theory' with frog memes.
Pepe on-chain metrics | Source: crypto.news
On the positive side, Pepe has become cheap, which may push investors to buy the dip. The closely-watched MVRV ratio with the Z score has dropped to minus 0.192.
A negative MVRV ratio means that a coin’s market value has moved below the average price at which holders acquired their coins. It often signals that a coin is in a buy zone.
Pepe price technical analysis
The daily chart shows that the PEPE token price has decreased from last month’s high of $0.00001622 to $0.000011 today. It is consolidating at the 50-day and 200-day moving averages.
Pepe’s price has moved above the 23.6% Fibonacci Retracement level. It has also formed a cup-and-handle pattern, with the upper side at $0.00001622 and the lower side at $0.0000052.
The recent dip is likely part of the formation of the handle section of the C&H pattern. Therefore, if this pattern works out, the coin will likely bounce back and retest the all-time high of $0.00002712, about 135% above the current level. This view will be confirmed if it rises above the cup’s upper side at $0.00001622.
