By Nermeen Nabil Khear 
TLDR
- PEPE token has experienced a dramatic 80% decline from its December 2024 all-time high of $0.00002825, with recent 24-hour drops of 27% bringing it to $0.000008810
- Major whale activity has contributed to the selloff, with over 1.1 trillion PEPE tokens being liquidated, including a single wallet depositing 430 billion PEPE ($6.39 million) into Binance
- Market Value to Realized Value (MVRV) ratio indicators suggest potential for a strong rebound, with historical patterns showing 51-72% increases from similar levels
- An upcoming halving event on February 4, 2025, will reduce block rewards from 62,500 to 31,250 PEPE per block, potentially impacting supply and demand dynamics
- The PEPE/DOGE trading pair is showing similar patterns to February 2024, when PEPE saw extraordinary gains following a support level retest
The popular meme cryptocurrency PEPE is experiencing turbulent market conditions as it approaches a crucial halving event. The token’s value has declined by 80% from its December 2024 peak of $0.00002825, currently trading at $0.000008810. In the past 24 hours alone, the price has dropped by 27%, raising questions about market stability.
Recent market activity has been marked by substantial whale movements. On-chain data reveals that over 1.1 trillion PEPE tokens have been sold in recent days. One notable transaction involved a single wallet transferring 430 billion PEPE, valued at $6.39 million, to Binance within nine hours. Another large holder moved 325.5 billion PEPE, worth approximately $4.9 million.
The timing of these movements has drawn attention from market observers, as they come just before the scheduled February 4, 2025 halving event. This protocol change will reduce block rewards from 62,500 to 31,250 PEPE per block, effectively cutting the rate of new token creation in half.
Trading data shows decreasing exchange reserves for PEPE, suggesting that some investors are moving tokens to private wallets. This behavior often indicates a preference for holding rather than selling, which could help stabilize prices in the coming weeks.
Historical market patterns offer some perspective on the current situation. The Market Value to Realized Value (MVRV) ratio, a metric used to assess market conditions, has reached levels that previously preceded price increases of 51% to 72%.
The PEPE/DOGE trading pair has caught the attention of analysts, as it displays patterns similar to those seen in February 2024. During that period, PEPE experienced substantial gains after retesting key support levels. The current market structure shows comparable characteristics.
Market participants are closely monitoring whale addresses, as their behavior often influences broader market trends. The wallet identified as “0xc25” has been particularly active, having recently deposited 500 billion PEPE tokens after achieving notable returns on initial investments.
Technical analysis indicates that PEPE faced rejection at the $0.00001450 price level, corresponding to the 0.5 Fibonacci retracement level. The token is currently moving toward a potential retest of the $0.00001130-$0.00001120 support zone.
The broader cryptocurrency market context provides additional perspective. The total crypto market capitalization has decreased by 12.3%, falling from $3.73 trillion to $3.42 trillion over six weeks. Bitcoin’s recent stabilization around $100,000 has coincided with pressure on alternative cryptocurrencies.
Trading volumes across major exchanges show mixed signals. While some platforms report decreased activity, others maintain steady trading levels, suggesting varying levels of investor interest across different market segments.
Overheard whale pool
Drawdown on this cycle’s top memes :$PEPE : -60%$BONK : -62%$WIF : -78%$POPCAT : -84%$MOG : -73%$PNUT : -90%$GOAT : -87%$FWOG : -86%
Great memecoin supercycle, lads
— BowTiedIguana | DeFi research, Cybersecurity info (@BowTiedIguana) January 29, 2025
Some traders point to similarities with previous market cycles. In early 2024, Bitcoin’s rise from $42,000 to $72,000 over six weeks eventually led to increased interest in alternative cryptocurrencies, including PEPE.
The upcoming halving event has sparked discussions about potential supply shock effects. Similar events in other cryptocurrencies have historically influenced price action, though market conditions and investor sentiment ultimately determine outcomes.
Current market data shows that PEPE’s trading patterns align with broader altcoin market trends. The Altseason Index reads 53, indicating balanced market conditions rather than clear dominance by any particular segment.
Recent social media sentiment reveals some hesitation among traders to “buy the dip,” with concerns about market cycle timing. However, trading history suggests that periods of market fear often precede potential buying opportunities.
Exchange flow data indicates continued movement of tokens between wallets and trading platforms. These transfers provide insight into investor behavior and potential market direction.
The most recent price action shows PEPE testing support levels that previously acted as resistance during its upward moves in late 2024. Market participants are watching these levels for signs of price stabilization.
The post PEPE Price: Token Shows Similar Patterns to February 2024 Rally appeared first on Blockonomi.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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