Derivatives
PEPE and SHIB Face Selling Pressure from Whales Amid Market Uncertainty
PEPE and Shiba Inu (SHIB) are currently under pressure as large holders, or whales, have been selling substantial amounts of their tokens, which could lead to further price corrections.
PEPE's Market Struggles
PEPE is trading around $0.00000348 after facing rejection at its 200-day exponential moving average (EMA) of $0.00000364. Since August 25, whales holding between 10 million and 100 million PEPE have sold approximately 80 billion tokens, indicating profit-taking after a recent rally. This selling pressure, combined with weakening technical momentum, suggests that PEPE could face a deeper correction if it breaks below the support level of $0.00000313.
Shiba Inu's Challenges
Similarly, SHIB is holding around $0.00000516, having rebounded nearly 4% earlier this week. However, whale wallets containing between 1 million and 100 million SHIB have sold a total of 40 billion tokens since August 22. While smaller wallets have accumulated around 990 million tokens during the same period, the overall selling by larger holders raises concerns about SHIB's ability to maintain upward momentum.
Market Sentiment and Technical Indicators
In the derivatives market, PEPE's long-to-short ratio is at 1.05, indicating a slight preference for long positions, but a negative funding rate suggests bearish sentiment. For SHIB, the long-to-short ratio is at 0.93, showing that more traders expect a price decline. Both tokens face critical support levels that, if breached, could lead to significant corrections.
FAQ
What is causing the selling pressure on PEPE and SHIB?
The selling pressure on PEPE and SHIB is primarily due to large holders, or whales, selling substantial amounts of their tokens, which has raised concerns about potential price corrections.
What is the current trading price of PEPE?
PEPE is currently trading around $0.00000348.
How much PEPE have whales sold since August 25?
Whales holding between 10 million and 100 million PEPE have sold approximately 80 billion tokens since August 25.
What is the long-to-short ratio for SHIB, and what does it indicate?
The long-to-short ratio for SHIB is at 0.93, indicating that more traders expect a price decline.
What are the critical support levels for PEPE and SHIB?
For PEPE, the critical support level is $0.00000313, while for SHIB, the ability to maintain upward momentum is in question due to recent whale selling.