Coinspeaker PEPE Meme Coin Bearish Streak Continues as Whale Dumps 9T Tokens
Pepe (PEPE), one of the leading meme coins in the digital asset space, has witnessed a 12% decline in prices in the past week and a 27% crash in the past 30 days. However, it seems that the bearish trend is not going to be over soon, as recently, a whale dumped 9 trillion tokens of the meme coin as investors wondered if they should brace for another impact.
The leading cryptocurrency, Bitcoin (BTC), fell significantly in the past few days after bankruptcy crypto exchange Mt. Gox announced that it would distribute Bitcoin worth billions to creditors and the German government dumped more than 12,000 BTC as well. Following Bitcoin, altcoins and meme coins crash significantly, with PEPE price action also getting affected.
As pointed out by Whale Alert in a post on social media platform X, the whale transferred the 9 trillion PEPE tokens leading digital asset Bybit, indicating that the address aims to sell these tokens. The 9 trillion tokens are worth $81.6 million at the current price of the meme coin.
It is important to note that the address 0x88a14933 made the large PEPE transaction around nine hours ago and paid just 0.000110428260797106 ETH ($0.34) in fees. Additionally, on Tuesday, Wintermute, a liquidity solution for the digital asset space, also dumped 902 billion PEPE meme tokens, as pointed out in an X post by “The Data Nerd”.
On the other hand, venture capital firm Nascent acquired 447.67 billion Pepe tokens (worth $5.85 million) after the digital asset dipped on Monday following BTC’s price drop. The increased whale activity surrounding the leading meme coin suggests volatile movement ahead.
Pepe (PEPE) Technicals
At the same time, Pepe (PEPE) reached an all-time high of 256,000 holders, bringing the attention of the digital asset sector to the meme coin. As per Forbes data, Pepe is the third-largest meme coin by market capitalization after Dogecoin (DOGE) and Shiba Inu (SHIB). Currently, the cryptocurrency is ranked 24th in the market.
The trading volume of PEPE dropped 29.47% in the past 24 hours, currently valued at $676.52 million. Meanwhile, the market cap of the digital asset stands at $3.83 billion.
The chart provided by TradingView shows that the relative strength index (RSI) for the meme coin reads a value of 39.45, confirming that the bears are currently in control of the price action of the cryptocurrency.
Source: TradingView
The gradient of the RSI line suggests decreased volatility for PEPE, with possible chances of increased volatility in the near future considering the surge in whale wallet holding movements. The meme coin has followed a downtrend in the short term. The meme token is also down 46.78% from its all-time high of $0.00001718 seen in May.
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PEPE Meme Coin Bearish Streak Continues as Whale Dumps 9T Tokens