$PEPE reached an all-time high, but could plummet 40% in June
PEPE's current trend reflects price behavior that occurred before a 40% crash in January
The price of Pepe (PEPE) rose to an all-time high on May 27, a rise driven by the recent approval of key Ether exchange-traded fund (ETF) applications
in the US, leading traders to view Ethereum-based memecoins as high-risk, high-reward opportunities.
The price of #Pepe soared by 7.60%, reaching an all-time high of USD 0.00001725. This marks an impressive 88% increase since the US Securities Commission (SEC) approved Ether ETF applications on May 20.
Other standard Ethereum memecoins, including Dogecoin $DOGE , Shiba Inu $SHIB , and Mog Coin (MOG), also posted significant gains after the approval of ETF applications.
PEPE's richest investors are selling
PEPE's bearish technical outlook is further reinforced by the profit-taking activities of its wealthiest investors.
Notably, during the market uptrend, the supply of PEPE held by entities with balances greater than 1 billion tokens has decreased. This indicates that these whales have been selling at local price peaks. Consequently, the supply of PEPE in the hands of smaller investors has increased.
However, there have been individual cases where traders have withdrawn millions of dollars worth of PEPE tokens from exchanges after the latest surge, reflecting their intention to hold the memecoin rather than sell it at its current levels.
The impact of these withdrawals on overall whale supply data remains to be seen, raising the risks of a PEPE correction in June.