Pepe Price Drops Amid Whale Profit Taking and Weak Market Conditions

The cryptocurrency Pepe (PEPE) experienced a drop of around 3.4% over the past 16 hours, which is attributed to whale profit taking and a weak broader market.

A recent analysis by Santiment shows that large holders of PEPE sold approximately 80 billion tokens since August 25th, while smaller and mid-sized holders added only about 5.06 billion tokens during this period.

The selling pressure from whales has contributed to the ongoing correction in PEPE's price, which is also reflected in the token's technical structure.

The 200-day exponential moving average (EMA) of PEPE recently tested near $0.00000364 and failed to close above it, leading to a rejection and a slow bleed in the price.

Momentum indicators are bearish, with the MACD producing a bearish crossover that remains in place, and key supports mapped near $0.00000320 and $0.00000313.