PEPE could decline further as long-term holders continue to shed holdings

PEPE is down nearly 2% on Wednesday following key insights that long-term holders have been consistently booking profits since March.

Two

could experience a massive correction following the formation of a daily head-and-shoulders pattern. The move appears to be creating a head-and-shoulder pattern on the daily chart for during the market crash on August 5 and August 12 potentially sold all of its holdings for a profit of only $30K. Following the move, another whale who spent $8.34 million to accumulate 750.38B

saw a spike above 1.44 trillion Dormant Circulation This suggests that this cohort may now be more sensitive to price dips than a rally, especially after the 180-day holders shed a portion of their holdings during the market rally in March before graduating to the 365-day Dormant Circulation category. Such behavior suggests that holders of old coins have feeble hands and may dump during key price movements.

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