PEPE Whales Sell 80 Billion Tokens, Token Struggles Below EMA

The PEPE token has been struggling after failing to break through its 200-day EMA at $0.00000364, trading near $0.00000348 on Thursday.

A significant portion of large holders, known as whales, have sold approximately 80 billion tokens since August 25, taking profits after the recent rally.

This substantial distribution could limit PEPE's recovery and maintain downward pressure in the short term, despite a reading above 1 for its long-to-short ratio indicating slightly more traders expect PEPE to rally.

However, funding-rate data shows stronger bearish positioning as the open-interest-weighted funding rate turned negative on Wednesday and fell to -0.0067% on Thursday.