PEPE whales are saving the meme coin’s price, which has been struggling to recover its losses following a significant crash at the end of July. Despite several attempts to regain momentum, PEPE remains close to testing a critical support floor.

As of now, these large wallet holders seem to be the key force preventing further decline. Without their intervention, the altcoin could potentially lose its support level, leading to a deeper price drop.

PEPE Whales Are Important

In recent weeks, the overall market sentiment surrounding the PEPE price has turned increasingly bearish. Long-term holders, who traditionally play a vital role in supporting cryptocurrency prices, have shown signs of decreasing confidence.

The “age consumed” metric—a key indicator measuring long-term holders’ activity—spiked to its highest level in two months. This surge indicates that long-term holders are moving significant portions of their holdings. Usually, this is a suggestion of a lack of patience and growing concerns about PEPE’s future performance.

Read more: Pepe: A Comprehensive Guide to What It Is and How It Works

PEPE Age Consumed. Source: Santiment

However, despite the bearish outlook from long-term holders, whale activity has played a crucial role in keeping the PEPE price afloat. Earlier this week, top addresses—excluding exchange wallets—collectively added more than 6 trillion PEPE, valued at a little over $42 million.

These whales appear to be employing a “buy low” strategy, accumulating large amounts of the coin to stabilize its price. Their purchasing power has been instrumental in preventing PEPE from a sharper decline.

This crypto whale activity suggests that large wallet holders still see potential in PEPE and are willing to support its price. However, this doesn’t entirely negate the risk of further losses. If crypto whales reduce their buying or broader market conditions deteriorate, PEPE’s current support levels could falter.

PEPE Top Addresses. Source: SantimentPEPE Price Prediction: Halting a Decline

PEPE price is presently trading just above its critical support floor of $0.00000702. This line has acted as strong support multiple times over the past few months.

Thus, there is a reasonable expectation that PEPE will hold above this level for now. Should the price break below this line, it could spell trouble for the altcoin’s short-term prospects.

The continued efforts of large wallet holders have somewhat balanced the bearish sentiment from long-term holders. Without their intervention, PEPE would likely have dropped by another 10.6% to test the next support level at $0.00000633. The whales’ buying strategy has kept the meme coin stable in the face of waning investor confidence.

Read more: Pepe (PEPE) Price Prediction 2024/2025/2030

PEPE Price Analysis. Source: TradingView

Currently priced at $0.00000710, PEPE is likely to continue its sideways movement in the near term. If the current level of buying persists, the coin could make a move toward its next resistance at $0.00000912.

However, if selling pressure intensifies, this outlook could quickly shift. In that scenario, PEPE could see a decline to its support level at $0.00000633, invalidating any potential bullish-neutral thesis.

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