"PEPE Memecoins Face Bearish Pressure Amidst Whale Sell-Off"

Memecoins, including PEPE, have been under bearish pressure following a recent market-wide pullback. At the time of this report, the total memecoin market capitalization had decreased by approximately 1.2% to $79 billion. While PEPE has defied these bearish trends with a 7% gain in the past 24 hours, trading at $0.0000099, a lack of whale interest could hinder a long-term uptrend.

Data from IntoTheBlock indicates that large PEPE transactions exceeding $100,000 have increased four-fold in the last 24 hours, from 8 trillion to 31.9 trillion. However, this rise appears to stem from selling activity, as large holder netflows have dropped significantly from 159 billion to -37 billion. This suggests that whales sold approximately 196 billion PEPE within 24 hours. When whales are cashing out, it shows reduced investor confidence, which is bound to weigh on the price.

Whale addresses hold 48% of the memecoin's supply. If they are in a distribution phase, it could exert downward pressure on the price. Sellers remain in control of the price action, with the Relative Strength Index (RSI) dropping to 30. The RSI line also continued to oscillate below the signal line, confirming that the momentum remains bearish.

If PEPE loses support at the lower Bollinger band ($0.00000906), it could dip to collect liquidity at $0.00000796. Conversely, if bulls retain control and the memecoin flips resistance at $0.000014, it could fuel a strong uptrend. Traders need to watch for a reversal of the RSI line. If it tips north and crosses above the signal line, it will show rising buying pressure that could trigger gains.

The bearish sentiment around PEPE is evident in both the spot and derivatives markets. According to Coinglass, Open Interest has increased by 6% in 24 hours to $268 million, with most of these open positions being from short sellers. PEPE's Funding Rates have been negative in the last two days, indicating high demand for short positions. The Long/Short Ratio has fallen