In a shocking turn of events, Pepe coin, the beloved meme coin, has taken a significant hit, leaving investors and traders reeling. On July 5, over 1 trillion PEPE was dumped onto exchanges, causing the token's value to plummet by nearly 12%. This massive selloff has sparked bearish sentiment, with many speculating that Pepe coin may have reached its peak.
According to on-chain data, two whales, 0xf22 and Wintermute, deposited and sold a staggering amount of PEPE on Binance, totaling over $8 million. This significant transfer has increased selling pressure, creating a whirlwind of uncertainty in the market.
As a result, Pepe coin has experienced a significant price dip, trading at $0.000008304, with a 24-hour range of $0.000007724 to $0.00000963. This week alone, PEPE has seen a nearly 33% decline, erasing gains made during this year's bull cycle.
While this price drop aligns with the broader market trend, Pepe coin had previously defied market sentiments, surging significantly during the bull cycle. This recent correction may indicate that the token's long-overdue adjustment has finally occurred.
The data suggests uncertain market sentiment regarding Pepe coin's future price movements. With an RSI of 31, further downside pressure could push the token into oversold territory, potentially leading to a price rebound.
Investors are closely watching PEPE for any further price shifts, making this a critical moment for the third-largest meme coin by market cap. Only time will tell if Pepe coin will bounce back or continue its downward trend. Stay tuned for further updates!
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