PEPE Whales Sell 80 Billion Tokens, Triggers Correction Fears

PEPE has been struggling to gain momentum after its strong gains in mid-August. The token's price has been hovering around $0.00000348, but a break below $0.00000313 could trigger a correction toward $0.00000230.

Larger investors have been taking profits by selling tokens, with wallets holding between 10 million and 100 million PEPE collectively offloading approximately 80 billion tokens since August 25.

The derivatives market presents a mixed outlook, with the long-to-short ratio standing at 1.05 on Thursday, indicating that slightly more traders expect PEPE to rally. However, funding-rate data shows stronger bearish positioning, contradicting the optimism shown by the long-to-short ratio.