3 Reasons Why Pepe Coin Price Could Drop 57%
Pepe coin price is facing significant headwinds recently, but let’s dive into the reasons why it might drop further.

1. Whale Activity and CoinGlass Data
Whales, or large holders, have been making massive withdrawals from exchanges, indicating a lack of confidence in Pepe coin. Recently, a whale deposited a substantial amount of PEPE tokens on Binance, which could potentially trigger a sell-off if retail traders follow suit. CoinGlass data also shows a shift in market sentiment, with short positions outnumbering long positions, suggesting traders are betting on a price decline.

2. Santiment Data Suggests Bearish Sentiment
Santiment’s on-chain metrics reveal bearish signals for PEPE. The age-consumed metric shows significant spikes, indicating large movements of older tokens and a lack of confidence from long-term holders. Additionally, the supply of PEPE on exchanges has increased, which can lead to increased selling pressure if the market cannot absorb the additional tokens. The declining accumulation by major holders further undermines the token’s bullish prospects.

3. Bearish Technical Setup
The bearish technical setup known as the ‘descending triangle pattern’ adds to the negative outlook for Pepe coin. The token is currently testing the support trendline of the pattern, and if it confirms the pattern, it could result in a significant price drop. Market analysts consider this pattern a bearish continuation signal, suggesting that selling pressure is intensifying and rallies are becoming weaker. The projected price target based on this setup is near $0.00000375, which implies a potential drop of over 57% from the current price.

In conclusion, considering the whale activity, bearish sentiment from on-chain data, and the bearish technical setup, it’s crucial for investors to be aware of the potential downside risk for Pepe coin price.