2026-01-09 09:33:27

PEPE has been a bit rough this week. It has declined for five consecutive trading days, with a 1% drop on Friday, which stands out especially after a 72% surge last week. What is the market doing? Many people's first reaction is profit-taking, but on-chain data seems to tell a different story — online popularity is rapidly cooling down.

Let's look at user engagement first. According to on-chain analysis tools, the number of new participating addresses dropped from 2,673 on Sunday to 1,237 on Thursday, more than halving. Daily active addresses also didn't look good, decreasing from 6,476 to 3,737. In other words, although PEPE is still rising, the actual number of participants is decreasing, and this mismatch is a bit dangerous.

Trading activity is also cooling off. At its peak in January, daily trading volume reached 1.66 billion tokens, but now it's only 738.32 million tokens, nearly halving. Liquidity has decreased, and participation has weakened, indicating that market consensus is loosening. The enthusiasm among retail investors has also noticeably declined, with social media discussion share dropping from 0.282% on January 2 to 0.117%, a shift that is hard not to cause concern.

From a technical perspective, PEPE has retraced 15% from its high of $0.00000726 on Monday and is now approaching the critical 100-day exponential moving average. This line is a matter of life and death for many traders — holding above it could allow for a rebound, but breaking below might trigger a larger correction. The future direction mainly depends on whether this line can hold.

PEPE0,89%

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JustAnotherWallet

· 15h ago

A 72% increase and then it starts to fall apart. As soon as this data came out, I knew it was going to cool off. Participation addresses cut in half, trading volume also halved. This isn't profit-taking; people are fleeing. --- Another wave of leek-cutting market, social media buzz is halved directly. Don’t tell me about technical analysis—retail investors have all pulled out, how can the consensus hold? --- If the 100-day moving average can't hold, it's game over. I bet five bucks this week it will break. --- This routine is so familiar: a sharp rise followed by a sharp fall. On-chain data doesn't lie; real participants are fleeing. --- So is it time for the bagholders to step in? Or should we keep watching and wait for a breakdown? --- Daily trading volume dropped from 1.66 billion to 730 million. How many people must have collectively run? Still dare to say it's just a short-term adjustment?

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SolidityJester

· 15h ago

Hmm... The hype has been cut in half, and participation addresses are only half as many. This data really makes me anxious to look at. People have already left, and the price is still holding up? Isn't this just bluffing? After a 72% surge, coming here... what can I say... it should have cooled down long ago. Whether the 100-day moving average breaks or not depends on fate. Let's just wait and see. Social media discussion share has been cut in half to 0.117%, ridiculous... retail investors have already liquidated. Trading volume halved but still claiming the increase is strong. I've seen this trick many times. It's just a lack of consensus. In terms of heat, it's now less than half of last Monday. It looks like just a false fire; real participation in gold and silver is fleeing. The life-and-death line is here; if it breaks, it probably will follow the trend and adjust.

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ForumLurker

· 15h ago

The number of addresses has been cut in half, and popularity is plummeting straight down. This is the real danger signal. Once the popularity is gone, it's over; no matter how much it rises, it's useless. Breaking the 100-day moving average feels like it's going to crash directly. Basically, there are fewer and fewer bagholders; those who should have sold have already sold. The surge last week now has to be paid for. It's a cycle, everyone.

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MetaverseLandlord

· 15h ago

Looking at this data, it's indeed a bit alarming. The participation addresses have been halved, which is no joke. It seems retail investors have already all exited.

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GateUser-44a00d6c

· 16h ago

Is the hype cooling down so quickly? Last week we were still celebrating, and now everyone has left... --- Another story that looks like it skyrocketed and then fell just as fast. Retail investors should learn to be smarter. --- If the 100-day moving average breaks, I feel like it could drop at least 20% afterwards. --- Trading volume has been halved, which is outrageous. Just looking at the price increase alone can't fool anyone. --- I just want to know what those hype guys are thinking now. The hype dropped from 0.282% to 0.117%...awkward. --- Participation addresses have halved, and insufficient liquidity will eventually cause problems. --- It's another cycle game. Those chasing quick profits have already run away, while the retail investors are still watching technical charts. --- Breaking the 100-day moving average will really look bad. It will depend on who panics first. --- Basically, it's a loss of consensus, and that's the most dangerous signal.

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