Whale Activity Shows Contrasting 7-Day and 30-Day Trends

TLDR

• PEPE coin recently formed a bullish inverse head and shoulders pattern, suggesting a potential 23% price surge to $0.000012
• While 30-day whale accumulation increased by 103.64%, the 7-day trend showed a -45.77% decline, indicating mixed large investor sentiment
• Network activity metrics show declining participation, with new addresses down 31.72% and active addresses dropping 50.72%
• The meme coin recently gave up all November 2024 gains with over $7 million in spot outflows
• Current market cap stands at over $3.7 million, placing PEPE among the larger meme coins despite recent challenges

PEPE coin has formed a notable inverse head and shoulders pattern on its price charts, suggesting a potential 23% price increase to $0.000012. The technical formation, widely recognized as a bullish reversal structure, comes at a time when the token faces mixed signals from various market metrics.

The pattern’s structure shows increasing buying momentum through higher lows in the left and right shoulders, while the head marks the pattern’s lowest point. A breakthrough above the $0.00001 neckline has confirmed the bullish setup, establishing a clear target for potential price movement.

Recent price action reveals PEPE testing crucial support and resistance levels that could determine its next directional move. The immediate resistance level stands at $0.000012, where previous selling pressure has emerged in past trading sessions.

The support zone currently rests at $0.000008, an area that has previously demonstrated strong buying interest. An intermediate support level at $0.0000095 could provide a buffer zone if the price experiences a pullback before testing lower levels.

Data from market intelligence platform IntoTheBlock reveals fluctuating activity among large PEPE holders. The 7-day whale accumulation trend has decreased by 45.77%, indicating reduced buying pressure from major investors in the short term.

However, the 30-day accumulation metric shows a 103.64% increase, suggesting stronger buying activity during the previous month. This contrast in timeframes presents a complex picture of large holder behavior and their potential impact on price action.

The 90-day trend reveals a more concerning figure with a 155.09% decline, pointing to a longer-term reduction in large holder positions. This extended timeframe data suggests that while short-term accumulation has increased, long-term whales may be reducing their holdings.

Network participation metrics show a general decline across multiple indicators. The 7-day New Addresses metric has fallen by 31.72%, indicating fewer new investors entering the market during this period.

Active Addresses have experienced an even steeper decline of 50.72%, suggesting reduced transaction activity across the network. This decrease in network engagement could impact both liquidity and demand for the token.

The Zero Balance Addresses metric has dropped by 63.73%, indicating lower wallet movement and reduced selling pressure in the market. This metric helps gauge overall market activity and potential price pressure.

PEPE coin recently surrendered all gains made during November 2024, with spot flows showing over $7 million worth of outflows at the time of observation. The derivatives segment managed only a 1.33% gain in open interest following an oversold period.

The current market capitalization exceeds $3.7 million, positioning PEPE among the larger players in the meme coin sector. This substantial market presence suggests the token could maintain relevance even if demand for meme coins decreases.

Other prominent meme coins, including Dogecoin and Shiba Inu, have also struggled to establish bullish momentum. This broader trend comes amid growing excitement around newer meme coin projects, such as TST’s recent launch on Binance.

Market observers note a developing narrative suggesting liquidity may be shifting toward alternative coins that offer tangible value propositions. This perspective has created uncertainty around the future performance of meme coins as an asset class.

The derivatives market shows limited enthusiasm, with only modest gains in open interest despite the recent oversold conditions. This tepid response from derivatives traders could indicate caution about future price movement.