Crypto news

Pepe’s Last Laugh: Whale Farewell and Crypto Chaos

BBG News

If you ever thought meme coins were just silly internet jokes, think again — they’re apparently also emotional rollercoasters, and Pepe is the current ride. This week, Pepe (PEPE), that charming frog with a penchant for financial doom, decided to hit the gym and lose some weight—specifically, 36% of its value. Because who needs stability when you have memes, right? 🐸💸

Pepe, sitting comfortably as the second-biggest meme coin on Ethereum, plummeted to a sad little $0.00001043, making investors wish they’d stuck with their avocado toast. That’s a steep fall from the May peak, which was apparently just a test of how much meme money people are willing to lose. The entire crypto market seemed to join Pepe in its midweek breakdown, with Bitcoin and other meme coins also crying in their digital cereal bowls, mostly thanks to profit-taking and geopolitical drama — because nothing says ‘fun’ like global tension mixed with some good old-fashioned FOMO. 🌍📉

Meanwhile, the whales — those mysterious ocean creatures of the crypto world, famous for their love of drama — are bleeding out. They’ve been exiting Pepe faster than a kid leaving Disneyland, reducing their holdings from 166 trillion to a mere 137.4 trillion tokens. The whales’ collective cry of “I regret everything” echoes through the blockchain, hitting the lowest levels since November last year. Talk about a support group. 🐋🚪

And if you’re into on-chain metrics — a fancy way of saying ‘nerdy crypto numbers’ — it’s all bad news. The Network Realized Profit/Loss metric has plunged into the negatives, which is just a polite way of saying sellers are offloading at a loss. It’s the crypto equivalent of leaving a restaurant upset because the waiter forgot your salad. Less active addresses—those brave souls still fiddling with their wallets—have dipped below 3,000. That’s fewer people than attended a really niche craft beer festival. 🍺🤪

But hey, there’s a silver lining—or, in crypto terms, a bargain. Pepe is now so cheap it’s practically giving itself away on Craigslist. The MVRV ratio with the Z score has dropped to minus 0.192, which in investor-speak means “buy now or cry later.” Basically, the coin’s market value has fallen below what most people paid for it, making it a ‘buy zone’ — or at least that’s what optimistic YOLOers are telling themselves. 🙃

Pepe price technical analysis — or how to pretend you understand charts

Looking at the daily chart, Pepe’s price has dropped from a lofty $0.00001622 in May down to a humble $0.000011 today. It’s been squatting at the 50-day and 200-day moving averages, which sounds complicated but really just means it’s been lingering around like that one friend who never leaves the party. Pepe recently crossed above the 23.6% Fibonacci retracement level, a move that technical analysts sometimes use as a ‘buy signal’—or as a really complicated way of saying “hope this works.”

What’s fascinating is that Pepe has formed a cup-and-handle pattern — no, not the kind you find in a fancy coffee shop, but a chart pattern that suggests a potential comeback. The ‘cup’ ranges from $0.00001622 to $0.0000052, with the ‘handle’ forming from the recent dip. If this pattern plays out like a bad sequel, Pepe might bounce back and challenge its all-time high of $0.00002712, which is about 135% more exciting than this depressing dip. The key? Breaking above $0.00001622, the top of the cup, or just hoping the pattern is right and that meme coins have a sense of humor. 😅🚀

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2025-06-07 16:30

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