Meme Coin PEPE Faces Challenging Times
Pepe (PEPE), one of the most popular meme coins of 2024, is experiencing tough times. Market volatility, including fluctuations in Bitcoin and other altcoin prices, has placed PEPE under pressure. Recent data reveals that large investors, known as whales, are offloading their PEPE holdings, contributing to its decline.
Market Downturn and Whale Sell-Off
On Wednesday morning, meme coins were hit hard, with the overall market capitalization of meme tokens dropping by more than 11% in 24 hours. Meanwhile, trading volume surged by 52% to $15.22 billion. The most prominent meme coins, Dogecoin (DOGE) and Shiba Inu (SHIB), dropped by 12% and 11%, respectively.
According to data from Spot On Chain, a whale transferred 210 billion PEPE (approximately $4 million) to the Kraken exchange. Over the past 48 hours, this whale sold 427 billion PEPE, totaling $8.45 million. Despite these sales, the whale still holds over 1 trillion PEPE tokens worth approximately $18.4 million.
Whale Profits at the Market’s Expense
The whale has already earned over $13.45 million, including $11.4 million from a single trade. Yesterday, they sold another 217 billion PEPE on Kraken (roughly $4.54 million), netting a $767,000 profit in just 17 days. They still hold PEPE tokens worth $25 million across two wallets.
PEPE's Value Continues to Decline
PEPE’s price has dropped 28% over the past 30 days, representing a 7% loss since the beginning of 2025. At the time of writing, PEPE is trading at $0.00001838, a 35% decline from its all-time high (ATH) of $0.00002825 recorded on December 9, 2024. Its daily trading volume stands at $1.94 billion.
Bitcoin’s drop below $96,000 is also affecting Pepe Coin, whose momentum appears to be fading. Trading volume and social activity around PEPE are declining, signaling waning interest from investors. Its daily trading volume on Tuesday fell to $1.4 billion, compared to $18 billion in November, marking its lowest level in over two months.
A Turnaround or Continued Decline?
Data from LunarCrash indicates a slight increase in PEPE’s social dominance, though it remains far below last year’s levels. Low volume and weak social activity may be seen as bearish signals. On the other hand, this decline could present an opportunity for “smart money” investors to accumulate, potentially paving the way for a recovery.
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