In an unexpected turn of events, Pepe coin has raised serious investor concerns with signs of a price correction on July 5. Recent data shows that over 1 trillion PEPE was sold on exchanges, causing the frog-themed meme coin’s value to drop nearly 12%.
These large sales in a bearish crypto market have shifted market sentiment significantly. Speculations that Pepe coin may have reached its peak are making traders and investors nervous. Let’s take a closer look at the current market stats of the third-largest meme coin by market cap and what they mean for future price movements.
Massive PEPE Dump by Whales Sparks Bearish Sentiment
According to on-chain data provided by ‘The Data Nerd,’ a transaction tracker, $1.02 trillion PEPE was dumped onto a crypto exchange by two whales today.
The whale address 0xf22 deposited 435 billion PEPE, worth $3.86 million, to Binance, one of the leading centralized exchanges. If sold at the current price, the whale will suffer a loss of $1.21 million.
Simultaneously, the market maker Wintermute deposited and sold a whopping 593.6 billion PEPE for $4.61 million. This massive selloff has increased the selling pressure on Pepe coin.
These large transfers to exchanges have created a whirlwind of bearish market sentiment, highlighting a loss of confidence in the asset’s future potential. Meanwhile, Pepe coin continued to trade predominantly in the red territory.
PEPE Coin Experiences Significant Price Dip and Market Uncertainty
At press time, Pepe coin (PEPE) saw a 12.03% drop in value, trading at $0.000008304. The token’s price has fluctuated between $0.000007724 and $0.00000963 over the past 24 hours. This week, PEPE has experienced a nearly 33% decline, erasing gains made during this year’s bull cycle and pushing the token into a bearish phase.
Although this price drop aligns with the broader market trend, Pepe coin had previously surged significantly during the bull cycle, defying overall market sentiments. This recent correction may indicate that the token’s overdue adjustment has finally occurred.
The data suggests uncertain market sentiment regarding Pepe coin’s future price movements. The RSI is currently around 31, suggesting that further downside pressure could push the token into oversold territory, potentially leading to a price rebound.
Given the high volatility of the crypto market, investors are closely watching PEPE for any further price shifts.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
Join Cryptos Headlines Community
Follow Cryptos Headlines on Google News
Author
