The PEPE meme coin is again experiencing a Bearish trend as a Whale has invested big in the coin amidst a %12 decline recently.
The price of Pepe (PEPE), a prominent meme coin in the digital asset space, has experienced a 12% decline in the past week and a 27% collapse in the past 30 days. Nevertheless, the adverse trend will not be diminished shortly. Investors were uncertain whether they should prepare for another impact after a whale recently sold 9 trillion tokens of the meme coin.
Bitcoin (BTC), the most prominent cryptocurrency, experienced a substantial decline in the past few days following the announcement by bankruptcy-stricken crypto exchange Mt. Gox that it would distribute Bitcoin valued at billions to creditors. Additionally, the German government disposed of over 12,000 BTC. The price action of PEPE was also influenced by the significant collapse of altcoins and meme coins that followed Bitcoin.
The whale transferred the 9 trillion PEPE tokens that are the dominant digital asset Bybit, as noted by Whale Alert in a post on social media platform X. This action suggests that the address intends to sell the tokens. The 9 trillion tokens are valued at $81.6 million at the present meme coin price.
It is crucial to acknowledge that the address 0x88a14933 executed the substantial PEPE transaction approximately nine hours ago and incurred fees of only 0.000110428260797106 ETH ($0.34). Furthermore, Wintermute, a liquidity solution for the digital asset space, also disposed of 902 billion PEPE meme tokens on Tuesday, as noted in an X post by “The Data Nerd.”
In contrast, Nascent, a venture capital firm, acquired 447.67 billion Pepe tokens (equivalent to $5.85 million) after the digital asset experienced a decline on Monday as a result of the price decline of BTC. Volatile movement is anticipated due to the increased whale activity encircling the leading meme coin.
Pepe (PEPE) Technicals
Simultaneously, Pepe (PEPE) achieved an all-time peak of 256,000 holders, which drew the attention of the digital asset sector to the meme coin. According to Forbes data, Pepe is the third-largest meme coin by market capitalization, following Dogecoin (DOGE) and Shiba Inu (SHIB). The cryptocurrency is currently rated 24th in the market.
PEPE’s trading volume has decreased by 29.47% over the past 24 hours, currently valued at $676.52 million. Currently, the digital asset’s market capitalization is $3.83 billion.
The meme coin’s relative strength index (RSI) is 39.45, as indicated by the chart provided by TradingView. This suggests that the bears are presently controlling the cryptocurrency’s price action.
The RSI line’s gradient indicates that PEPE’s volatility has decreased. However, there is a possibility of an increase in volatility shortly due to the surge in whale wallet holding movements. The meme coin has been in a downward trend in the medium term. The meme token has also experienced a 46.78% decline from its all-time high of $0.00001718 in May.