The price of Pepe (PEPE) has decreased by over 14% in the past week to $0.00001114 against the backdrop of reduced meme token market activity.
However, large PEPE holders, known as whales, have been actively accumulating the token in recent weeks, increasing their holdings by 3%.
This sharp accumulation coincides with a notable increase in network activity for PEPE, with daily active addresses rising by 105% and new addresses increasing by over 300%.
Despite increased whale activity and network demand, bearish sentiments for PEPE persist, as indicated by the Directional Movement Index (DMI), where negative trends outweigh positive ones.
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DMI suggests a continuation of the current bearish trend, potentially pushing PEPE’s price down to $0.000010 if the decline continues, whereas in an upward trend, it could rise to $0.000012.
