PEPE Price Surged To A New ATH Despite Slow Market; What's Happening?

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Pepe Coin Price Dips As Whale Continues Dumping PEPE, What’s Next? – Crypto News

Published

1 year ago

June 1, 2024

Dripp

Pepe Coin price, the frog-themed meme coin, recently hit an all-time high, attracting significant attention. However, this price surge has been met with a wave of profit-taking by major holders, leading to a notable dip in its value. One whale, in particular, has been actively dumping large amounts of PEPE, sparking concerns and speculation about the coin’s future trajectory.

Whale Activity and Market Impact

The recent sell-off was highlighted by a substantial deposit from a prominent PEPE holder. According to reports, this whale, known for a 100% winning rate over the past three months, deposited 217 billion PEPE into Binance.

Meanwhile, this amount, valued at $3.39 million, was transferred at a price of $0.00001564 per coin. The report said that if sold at this price, the whale would realize a profit of $420,000, given an average opening price of $0.000137. Notably, the whale still holds an additional 40.4 billion PEPE, which would yield a profit of $78,000 if sold.

Such significant transactions by large holders can heavily influence market sentiment. The act of depositing a vast amount of PEPE into an exchange like Binance suggests an intention to sell, which typically leads to downward pressure on the price. This has been a contributing factor to the recent dip in Pepe Coin’s value.

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Pepe Coin Price Slips

The current situation raises questions about the future prospects of Pepe Coin. While the recent whale activity has caused a dip, it also highlights the profit potential that some investors see in the meme coin. Notably, the whale’s consistent winning streak over the past three months indicates a strategic approach to trading PEPE, which could inspire confidence among other investors despite the current sell-off.

However, the broader market context is essential. Meme coins like PEPE are highly volatile and driven by speculative trading rather than fundamental value. This makes them susceptible to significant price swings based on large trades and market sentiment shifts. Investors need to remain cautious and informed about the factors driving these movements.

Meanwhile, the coming weeks will be crucial for Pepe Coin. If more whales follow suit and begin to sell off their holdings, the price could face further downward pressure.

Conversely, if the market absorbs these sales and maintains interest in PEPE, the coin could stabilize and potentially resume its upward trajectory. As of writing, Pepe Coin price dropped 1.49% to $0.00001531, while the trading volume slipped over 10% to $1.72 billion.

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