As a seasoned researcher with years of experience in the dynamic world of cryptocurrencies, I find myself constantly intrigued by the unpredictable nature of this market. The recent events surrounding Pepe Coin have certainly stirred a storm, leaving many market participants questioning the future of this meme coin.
On Monday, a large investor in Pepe Coin stirred up activity throughout the cryptocurrency sector by selling off massive amounts of PEPE to Binance. Data from blockchain analysis revealed that more than one trillion coins were transferred to this exchange, sparking worries as the meme coin has been experiencing a downturn. Throughout the day, the price of PEPE dropped by about 2%, and over the past week, it plummeted more than 10%.
Cryptocurrency fans are discussing possibilities about the future of a well-known meme coin in the market, given the latest developments.
Pepe Coin Whale Offloads Over 1 Trillion Coins Raising Market Concerns
On October 28, Whale Alert reported that an unidentified user moved 1.27 trillion Pepe coins, equivalent to $11.51 million, to Binance. This transfer has sparked apprehension about a potential sell-off among investors in the market.
As a crypto investor, I’ve noticed a growing unease in the market due to the recent sell-off by large investors, often referred to as “whales.” This mass selling has raised concerns about the asset’s potential for returns. However, it’s important to note that these whales still hold approximately 208.26 billion PEPE, valued at around $1.87 million. This fact has certainly sparked curiosity and debate among us traders and investors.
Simultaneously, this address also held other tokens such as Fantom (FTM), Worldcoin (WLD), Shiba Inu (SHIB) and about 25 more. A large sell-off from this hoard, adding to the selling pressure on the asset, has sparked a bearish trend in the meme cryptocurrency known as Shiba Inu throughout the crypto market.
PEPE Price Continues to Drop
Today, the PEPE price exhibited significant volatility, falling 0.08% to trade at $0.000009015. Over the last 24 hours, its lowest and highest points were $0.000008786 and $0.000009257 respectively. On a weekly basis, the coin has plummeted by 13%, while over the past month, it’s dipped by 18%. This downward trend has sparked concerns among investors who are now leaning bearish. Moreover, the substantial whale dump mentioned earlier has further fueled these fears.
Instead, The data from Coinglass showed that the value of PEPE futures contracts increased by 5%, reaching $130.28 million. Moreover, the volume of derivatives for this token jumped up by 26% to $381 million. This suggests that there may have been a slight increase in investor interest in PEPE, despite the negative factors mentioned earlier.
Over the past few days, I’ve noticed an uptick in Pepe Coin holders according to Etherscan data. Currently, approximately 296,000 addresses are holding this meme token, suggesting a robust market faith in the asset. This trend contradicts the recent whale dump and hints at potential future growth for the token.
Furthermore, a recent analysis from CoinGape Media on Pepe Coin’s pricing revealed a substantial decrease in the token’s supply on exchanges. This reduction has sparked optimism among investors about potential bullish movements in the cryptocurrency’s price trend. Market observers remain vigilant, tracking the coin for any future changes in its price dynamics.
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2024-10-28 14:00