#pepe Coin went on a wild ride in early September, characterized by significant price volatility and a disturbing decline in its performance.

Pepe's price action at the beginning of this month followed a bearish streamer pattern marked by two converging trend lines. This pattern typically signals instability in the market as buyers and sellers struggle for control. However, the situation took a turn for the worse as the coin fell below the support trend line, increasing supply-side pressure.

As of the latest data from Coingecko, the coin is trading at $ 0.00000067, representing a loss of 3.9% in the last 24 hours and a significant decline of 14.4% last week. Most importantly, PEPE has fallen off the coveted crypto top 100 list on Coingecko.

PEPE Sales Pressure Intensifies

On September 10, PEPE experienced a downtrend as he violated the support trendline. This development, coupled with the increasing supply pressures in the altcoin environment, has caused a sharp decline in the value of PEPE. Investors and enthusiasts began to question the future of the coin as it struggled to maintain its position.

In addition to the concerns surrounding PEPE, a tweet from Lookonchain on October 11th drew attention to a bizarre incident. Several investors chose to sell their PEPE holdings, replacing them with PNDC (Pandacoin). The three wallets collectively sold a staggering 1.38 trillion PEPE tokens for 600 ETH, which is equivalent to about $965,000. Amazingly, they reinvested 600 eth to buy 487 billion PNDC tokens.

On-Chain Metrics Paint A Terrible Picture

A deeper look at Pepe's on-chain measurements has reinforced the growing unease within the crypto community. The buying pressure on the meme-inspired coin remained high, which paradoxically contributed to the feeling of decline. In particular, the supply of pepe on the stock exchanges has experienced a sharp increase over the past few days, which indicates an increase in sales activity.

PEPEUSD is currently trading at the $0.000001 level on the daily chart: TradingView.com

What's Ahead for Pepe Coin?

This change took place simultaneously with a decrease in the supply of pepe outside the stock exchanges, further highlighting the growing selling pressure. Moreover, while PEPE's foreign exchange entry witnessed a noticeable increase, the total number of owners decreased, painting a gloomy picture for the cryptocurrency.

Big PEPE Token Dump: Whale Made a Loss of 762 Billion As the Price Fluctuated

Pepe's performance at the beginning of September was anything but turbulent. Its journey from a bearish streamer pattern to a collapse below support has left investors and enthusiasts worried about its future. The remarkable wallet activity and in-chain metrics only serve to compound these concerns and leave the crypto community with more questions than answers about Pepe's fate in the coming days. #crypto2023 #Binance #Shibainu