\t\t\t\t\t\t
<\/p>\n
- \n
- PEPE\u2019s supply held by top addresses registered a decline on 25 August.<\/span><\/em><\/li>\n
- Most metrics were bearish, but a few indicators turned bullish.\u00a0<\/span><\/em><\/li>\n<\/ul>\n
The market\u2019s confidence in the trending memecoin <\/span>Pepe [PEPE]<\/span><\/a> has declined sharply as major dumps have happened in the last few days. The sell-offs not only represented less confidence, but they also caused the memecoin\u2019s price to drop substantially.\u00a0<\/span><\/p>\n
\nHow much are<\/span> 1,10,100 PEPEs worth today<\/span><\/a>?<\/p>\n
\nAfter this massive downtrend, will PEPE become a memecoin of the past, or will it make a comeback?\u00a0<\/span><\/p>\n
Selling pressure on PEPE is high<\/strong><\/h4>\n
Lookonchain\u2019s tweet, posted on 24 August 2023, revealed that Pepe Multisig wallet and Wintermute Trading deposited 17.3 trillion PEPE worth $18 million to exchanges. Not only that, but an early investor also dumped a substantial amount of the memecoin in exchange for Ethereum [ETH]<\/a> on a DEX. <\/span><\/p>\n
This episode clearly showed distrust among investors and proved the fact that the memecoin was under selling pressure.<\/span><\/p>\n
\n
4 hours ago, Pepe multisig wallet and Wintermute Trading deposited 17.3T $PEPE<\/a> ($18M) to exchanges.<\/p>\n
3 hours ago, an early buyer of $PEPE<\/a> dumped 1.88T $PEPE<\/a> for 1,010 $ETH<\/a>($1.68M) on DEX.<\/p>\n
And the price of $PEPE<\/a> has dropped ~16% today. pic.twitter.com\/C540Mq8jzN<\/a><\/p>\n
\u2014 Lookonchain (@lookonchain) August 25, 2023<\/a><\/p>\n<\/blockquote>\n
The sell-offs had a large impact on the memecoin\u2019s price action as its chart turned red. According to<\/span> CoinMarketCap<\/span><\/a>, the coin was down by more than 20% in just the last 24 hours. This happened while its trading volume surged by 300%. <\/span><\/p>\n
At press time, it was trading at $0.0000008943 with a market capitalization of $350 million. <\/span><\/p>\n
A check on<\/span> PEPE<\/span><\/a>\u2019s metrics further established the aforementioned points. For instance, the coin\u2019s exchange inflow spiked considerably on 25 August. The coin\u2019s supply on exchange shot up while its supply outside of exchange plummeted, which is a bearish signal. <\/span><\/p>\n
Moreover, both the total amount of holders and the supply held by top addresses plunged, proving that investors and whales did not have faith in PEPE.\u00a0<\/span><\/p>\n
![\"\"](\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/08\/Pepe-PEPE-15.35.33-25-Aug-2023.png\")
<\/a><\/p>\nSource: Santiment<\/p>\n<\/div>\n
Is there hope for a revival?<\/strong><\/h4>\n
Though the memecoin\u2019s press time price action was bearish, a few might have capitalized on the situation by accumulating more as they expect the memecoin\u2019s price to go up later. A whale spent 320 ETH, worth $529k, to buy 640 billion PEPE on 25 August. <\/span><\/p>\n
Earlier, the whale also spent 280 ETH worth $507k to buy 500 billion PEPE on 5 June and spent 253 ETH to buy 164 billion PEPE on 6 May at an average buying price of $0.000001163.\u00a0<\/span><\/p>\n
\n
A whale spent 320 $ETH<\/a> ($529K) to buy 640B $PEPE<\/a> again 3 hrs ago.<\/p>\n
The whale also spent 280 $ETH<\/a> ($507K) to buy 500B $PEPE<\/a> on June 5 and spent 253 $ETH<\/a> ($481K) to buy 164B $PEPE<\/a> on May 6.<\/p>\n
The average buying price is $0.000001163.https:\/\/t.co\/9zRGywTADp<\/a>https:\/\/t.co\/EiUQUrHWqc<\/a> pic.twitter.com\/BjReDraBgv<\/a><\/p>\n
\u2014 Lookonchain (@lookonchain) August 25, 2023<\/a><\/p>\n<\/blockquote>\n
\nRealistic or not, here\u2019s <\/span>PEPE market cap in BTC\u2019s terms<\/span><\/a>\u00a0 \u00a0<\/span><\/p>\n
\n - Most metrics were bearish, but a few indicators turned bullish.\u00a0<\/span><\/em><\/li>\n<\/ul>\n
![\"\"](\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/08\/PEPEUSDT_2023-08-25_15-44-29.png\")