Pepe Coin has been on a wild ride in early September, characterized by significant price volatility and a troubling dip in its performance.\u00a0<\/span><\/p>\n The price action of PEPE early this month followed a bearish pennant pattern, marked by two converging trendlines. This pattern typically signals indecision in the market, as buyers and sellers wrestle for control. However, the situation took a turn for the worse as the coin broke below its support trendline, increasing the pressure on the supply side.<\/span><\/p>\n As of the latest data from <\/span>CoinGecko<\/span><\/a>, the coin is trading at $0.00000067, showing a 3.9% loss in the past 24 hours and a substantial 14.4% decline over the past week. Most notably, PEPE has tumbled out of the coveted crypto top 100 list on CoinGecko.<\/span><\/p>\n On September 10, PEPE suffered a <\/span>bearish breakdown<\/span><\/a>\u00a0as it breached the support trendline. This development, coupled with a rising supply pressure across the altcoin landscape, resulted in a sharp decline in the value of PEPE. Investors and enthusiasts began to question the coin\u2019s future as it struggled to maintain its position.<\/span><\/p>\n<\/p>\n Adding to the concerns surrounding PEPE, a <\/span>tweet from Lookonchain<\/span><\/a> on September 11 drew attention to a peculiar event. Several investors opted to sell their PEPE holdings, swapping them for PNDC (Pandacoin). Three wallets collectively sold a staggering 1.38 trillion PEPE tokens for 600 ETH, equivalent to approximately $965,000. In a surprising twist, they reinvested 600 ETH to purchase 487 billion PNDC tokens.<\/span><\/p>\n We noticed that 3 wallets changed their $PEPE<\/a> positions to $PNDC<\/a> today.<\/p>\n They sold a total of 1.38T $PEPE<\/a> for 600 $ETH<\/a>($965K) and spent 600 $ETH<\/a> to buy 487B $PNDC<\/a>.<\/p>\n Address:https:\/\/t.co\/tPT0P3KvOg<\/a>https:\/\/t.co\/nKOS9H3tbG<\/a>https:\/\/t.co\/EzkRW2BuPt<\/a> pic.twitter.com\/f7rUHZY2jx<\/a><\/p>\n \u2014 Lookonchain (@lookonchain) September 11, 2023<\/a><\/p>\n<\/blockquote>\n A deeper look at <\/span>PEPE\u2019s on-chain metrics<\/span><\/a> reinforced the growing unease within the crypto community. Buying pressure on the meme-inspired coin remained high, which, paradoxically, contributed to the bearish sentiment. Notably, PEPE\u2019s supply on exchanges experienced a sharp increase over the past few days, indicating a surge in selling activity.\u00a0<\/span><\/p>\n This shift occurred simultaneously with a decrease in PEPE\u2019s supply outside of exchanges, further highlighting the rising selling pressure. Moreover, PEPE\u2019s exchange inflow witnessed a noticeable spike, while the total number of holders declined, painting a gloomy picture for the cryptocurrency.<\/span><\/p>\n PEPE\u2019s early September performance has been nothing short of turbulent. Its journey from a bearish pennant pattern to a breakdown below support has left investors and enthusiasts concerned about its future. The notable wallet activity and on-chain metrics only serve to compound these concerns, leaving the crypto community with more questions than answers about the fate of PEPE in the coming days.<\/span><\/p>\n (This site\u2019s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).<\/em><\/p>\n Featured image from <\/span>Tallahassee Democrat<\/em><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":" Pepe Coin has been on a wild ride in early September, characterized by significant price volatility and a troubling dip in its performance.\u00a0 The price action of PEPE early this month followed a bearish pennant pattern, marked by two converging trendlines. This pattern typically signals indecision in the market, as buyers and sellers wrestle for […]<\/p>\n","protected":false},"author":2,"featured_media":154244,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-154243","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/154243","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=154243"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/154243\/revisions"}],"predecessor-version":[{"id":154246,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/154243\/revisions\/154246"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/154244"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=154243"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=154243"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=154243"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}PEPE Selling Pressure Intensifies<\/strong><\/h2>\n
Source: Coingape<\/a><\/pre>\n
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On-Chain Metrics Paint A Grim Picture<\/strong><\/h2>\n
<\/p>\n
PEPEUSD currently trading at $0.000001 on the daily chart: TradingView.com<\/a><\/pre>\n
What Lies Ahead For Pepe Coin?<\/strong><\/h3>\n