Due to reduced activity in the meme token market, Pepe (PEPE) prices dropped by over 14% last week to $0.00001114.
However, large PEPE holders, known as “whales,” have been actively accumulating the token in recent weeks, increasing their holdings by 3%.
This accumulation surge coincided with a significant increase in activity on the PEPE network, with daily active addresses rising by 105% and new addresses increasing by over 300%.
Despite the increase in whale activity and online demand, the Directional Movement Index (DMI) indicates that bearish sentiment towards PEPE persists, with the negative trend outweighing the positive trend.
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DMI indicates that the current bearish trend will continue, and if the decline persists, it may lead to a drop in PEPE prices to $0.000010, while in an upward trend, it may rise to $0.000012.
