The sharp drop in $PEPE on Saturday reversed some of the gains earlier this week.

Specifically, this ↓ caused $PEPE to fall to 0.00001088, down 7.5% in 24 hours. While PEPE's problems are part of the overall market downturn, recent whale movements seem to have exacerbated the situation.

Expectations for the approval of ETH spot ETFs continue to rise

Specifically, a cryptocurrency giant recently sold a large amount of PEPE in exchange for ETH.

On-chain data shows that one wallet exchanged more than 1.4 trillion PEPE for ETH, which created downward pressure.

Perhaps this is why PEPE performed poorly over the weekend!