Pepe (PEPE) experienced a significant 85% price surge between June 15 and July 4, but on-chain data suggests that some investors are now booking profits. PEPE Long-term Holders are taking advantage of the high prices to sell their holdings, as seen in the recent spike in Age Consumed.

This could trigger a price correction in the coming weeks, as historical data shows that a similar pattern occurred in May. Additionally, despite the recent price gains, user activity has actually slowed down, indicating that the price surge is mostly driven by market speculation rather than underlying economic activity.

As a result, the bears may trigger a retracement below $0.0000010 for the PEPE price, unless user activity increases significantly to match the price uptrend.