Pepe, the third-largest meme coin, experienced a significant drop in value as whales sold off their holdings, leading to an increase in exchange balances. Pepe's value fell by over 54% from its highest level in December. Data indicates that there has been continued selling pressure from investors, with the amount of Pepe coins on exchanges increasing. The selling-off of holdings by whales suggests that these investors expect the downward trend to continue. Smart money investors have also been reducing their positions in Pepe. The decline in Pepe's value aligns with similar declines in other meme coins such as Shiba Inu and Bonk. The coin has formed a bearish head and shoulders pattern on the daily chart and is nearing the formation of a death cross pattern. Pepe is likely to continue its decline, with a key support level at $0.0000060 being targeted.



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