Pepe has lost almost three-quarters of its value, but the top portfolios have grown steadily since the market-wide sell-off in October.
Since then, PEPE whales have collected 23 trillion tokens.
Heavy accumulation of whales
In the latest update, Santiment revealed that the frog-themed token has lost approximately 73% of its market capitalization since reaching its peak almost nine months ago. Despite the steep decline, the on-chain analytics platform noted a major change in the behavior of large companies.
During the broader market crash in October, which started about four months ago, the top 100 Pepe wallets changed direction and accumulated a total of 23.02 trillion PEPE tokens. Santiment emphasized that smart money wallets often play an important role when altcoins eventually reverse the trend and post big rallies.
While retail sentiment towards Pepe and the broader meme coins is very bearish at the moment, the report stated that assets that experienced heavy accumulation have historically broken out again once Bitcoin regains stable bullish momentum.
However, one market commentator said Pepe’s price trend looks strongly bearish. According to the analysis, PEPE is trading below all major moving averages, while the Supertrend indicator continues to give a sell signal. The ADX is trending strongly and the negative direction indicator appears to dominate, indicating continued downward pressure.
The analyst identified $0.0000031 as a key support level to watch. If it breaks through that level, the next downside targets are $0.00000197 and then $0.000000529. The commentator added that only a move back above $0.00000726 would shift the focus back to a potential reversal.
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The battle against meme coins continues
Pepe, which is trading at $0.0000035 after dropping 4% over the past day, is not the only meme coin that has suffered from the current market conditions. Dogecoin, the oldest and largest meme coin by market capitalization, has experienced a similar downturn as its price is around $0.090. Shiba Inu also fell almost 3% during the same period, hovering at $0.0000058.
Bonk and Floki also shared a similar fate.
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