Pepe price is at risk of a deeper dive as whales rush for the exit and as it forms a giant head and shoulders pattern. The wildly popular token was trading at $0.000012 on Monday, lower than last month’s high of $0.00001632.
Pepe Whales are Selling the Token
On-chain data show that the Pepe token could be in trouble in the coming weeks. The chart below shows that the network growth has tumbled to 837, down from last month’s high of 2,436. Another metric shows that the number of daily active addresses continued to fall.
Notably, data shows that whales continue to exit their Pepe positions, a sign that they expect the price to keep falling this year. This chart reveals that the supply of Pepe held by whales has tumbled to 132.9 trillion tokens and has been in a strong downward trend this year.
A whale exodus is a red flag in all cryptocurrencies due to its significance and impact. In most cases, these whales are more experienced and sophisticated investors.
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Pepe Coin Price Has Formed a Risky Pattern
A potential reason why these whales have dumped the token is that it has formed a giant head-and-shoulders (H&S) pattern on the three-day chart. Three peaks and two troughs characterize this pattern and have a close resemblance to a human.
Pepe has formed this risky pattern on the three-day chart, with the head being at $0.00002838 and the shoulders being at $0.00001632. The neckline is at $0.0000057.
Therefore, the Pepe price forecast is bearish as long as it is below the right shoulder at $0.00001632. This means that the token may crash by over 50% to the neckline at $0.0000057.
Bitcoin Pepe is Firing on all Cylinders
Meanwhile, Bitcoin Pepe, an upcoming cryptocurrency project currently in its presale, is gaining momentum as its token generation event (TGE) approaches.
It has become one of the best presale tokens of the year, having raised over $14 million from thousands of investors.
These investors believe in its ambition of building a layer-2 network focused on meme coins on the Bitcoin network.
Recent data indicate a demand for these Bitcoin assets. For example, Bitcoin Ordinals are among the top-selling NFTs, while Bitcoin is the third-largest chain in the crypto industry, thanks to the growing Bitcoin staking.
Additionally, some Bitcoin-focused projects, such as Core and Stacks, have experienced rapid growth in the past few years.
Bitcoin Pepe’s developers aim to start a new trend of Bitcoin-based meme coins that will compete with their counterparts, such as those in Solana and Base.
The next key event to watch will happen next week when the developers unveil the final listing date. They have pledged to work with some of the biggest tier-1 exchanges in the crypto industry, which may help drive the BPEP price higher after its listing.
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