Pepe Price Struggles as Whale Distribution and Weak Signals Cap Recovery
PEPE (PEPE) has been under pressure, struggling to recover after being rejected at a key resistance zone. At the time of writing on Thursday, PEPE traded around $0.00000348.
Santiment's Supply Distribution data shows that whales are offloading large amounts of PEPE tokens, potentially fueling near-term selling pressure and capping the meme coin's recovery.
Whales holding between 10 million and 100 million (blue line) have offloaded 80 billion PEPE tokens since August 25. Meanwhile, mid- and smaller wallets have accumulated 5.06 billion during the same period.
Mixed derivatives metrics also indicate a cautious outlook for PEPE. The long-to-short ratio reads 1.05 on Thursday, with a negative funding rate of -0.0067% pointing to bearish sentiment.