PEPE price emerged as one of the most impressive tokens this bull run as the meme coin hit a new all-time high this week.
The meme coin craze, however, will result in profit-taking, which could lead to a considerable drawdown.
PEPE Investors Look to Sell
PEPE price breached the key resistance of $0.00001007, which enabled the meme coin to hit a new all-time high. However, this has also set the meme coin enthusiasts up for selling. This is because the investors are seeing solid gains at the moment.
According to the realized profits, PEPE holders note the highest gains recorded on the network in almost two months. Spikes in this metric are a sign of profit-taking, and this sentiment could extend to other investors as well.
This sentiment can already be observed taking over the investors upon distributing active addresses by profitability. Currently, over 40% of the investors participating on the network are witnessing gains.
This is the most profit-bearing PEPE holders have been active, dominating the active addresses. This translates to selling since these investors are looking to secure their gains.
Read More: How To Buy Pepe (PEPE) and Everything You Need To Know
Consequently, the PEPE price would take a major hit as selling ensues.
PEPE Price Prediction: A Downfall on the Cards?
PEPE price can be seen trading at $0.00001020 after forming the new ATH at $0.00001161. The meme coin is holding above the support at $0.00001007. Falling through this support will likely send PEPE down to $0.00000900.
If profit-taking intensifies, a drop to $0.00000750 is also likely.
Read More: Pepe (PEPE) Price Prediction 2024/2025/2030
However, if the PEPE holders decide not to sell but to HODL for further gains, the meme coin would have a shot at recovery. Bouncing off $0.00001007 would enable the PEPE price to climb to the new ATH again, invalidating the bearish thesis.
Disclaimer
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