Pepe's price has been on a downward trend over the past month after the rug pull allegations emerged. According to data from Santiment, meme coin has recorded a decline of almost 50 percent since August 13. Last week, its price fell 15 percent, making it the biggest loser among the top 100 cryptocurrencies in both time frames.
As the decline goes even further, Santiment data shows that PEPE inflows to exchanges have increased from 116 billion tokens to 950 billion tokens since September 9. According to the market intelligence platform, Pepe's active deposits also increased from 73 transactions on September 9 to 170 transactions at the time of writing.
PEPE social volume is decreasing…
Historically, when the amount of money deposited on exchanges increases, the price of the digital asset comes under significant selling pressure that can drive it even lower. Additionally, data provided by Santiment shows that Pepe's social volume has been steadily decreasing since August 25. According to data, the asset's social volume has fallen by 17 percent in the last two days.
On the other hand, PEPE whales became more active despite the price drop. According to Santiment's data, whale transactions involving at least $100,000 worth of tokens increased from 7 on September 9 to 91 last day.
It is important to note that high volatility is expected when whales make big moves in the market. Pepe is down 4.8 percent in the last 24 hours and is trading at $0.00000069 at the time of writing. As the whales made significant moves, the asset's 24-hour trading volume increased by 31 percent to $55 million.
