Arthur Hayes has exited his PEPE position at a $22K loss but exchange inflow data shows most traders are unwilling to sell.
has continued its bearish streak after a 10% drop in seven days to trade at $0.00000886 at press time. Trading volumes also remained subdued after a 16% decline in 24 hours per
According to on-chain analytics platform Glassnode, more than 2 trillion PEPE tokens have been withdrawn from exchanges in the last two days. PEPE’s netflows also flipped negative after five consecutive days of inflows.A look at PEPE’s one-day chart suggests that the recent price drop could be the market correcting an imbalance following violent price swings in late September.
This move suggests that the bearish momentum is weakening while the bullish momentum is gaining strength.
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