- A PEPE whale sold 150B tokens for $1.14M, adding sell pressure.
- PEPE price dropped 5.57%, extending its 62% YTD decline.
- Bitcoin’s weakness dragged memecoins lower, affecting PEPE.
Pepe Coin experienced a substantial drop caused by a major selloff from one of its biggest investors. According to Lookonchain’s on-chain data a PEPE whale sold 150 billion tokens which held a value of more than $1.14 million. The major selling transaction has put additional pressure on the memecoin market leading to a deteriorated price outlook.
The whale, identified as an early investor in PEPE, originally purchased 1.5 trillion tokens for just $2,184. At its peak, this stash was valued at over $43 million. So far, the investor has sold 1.02 trillion tokens, generating $6.66 million in profit. Despite this, 493 billion tokens remain unsold, currently valued at approximately $3.64 million.
When major holders execute large-scale selloffs market participants commonly develop bearish sentiment. Pepe Coin’s price continues to drop because investors worry that additional selloffs may sustain the current market decline. The token may face difficulty regaining stability without the return of buying pressure.
Pepe Coin Price Faces Further Weakness
Following the latest whale selloff, Pepe Coin has experienced additional price weakness. The token is currently trading at $0.0000073, marking a 5.57% decline in the last 24 hours. Earlier in the week, a separate whale accumulated 500 billion PEPE, sparking optimism for a price rebound. However, the impact of the recent selloff has overshadowed that accumulation.
The price of Pepe Coin showed volatility by reaching $0.00000787 at its 24-hour peak before decreasing to its present level. PEPE has achieved a minor weekly gain of 0.54% yet continues to show a substantial annual decline of 62%. A lack of renewed investor confidence will likely result in continued downward pressure on the token in the near future.
Market observers note that a halt in whale selloffs, coupled with improved memecoin sentiment, could help PEPE regain lost ground. For now, traders remain cautious as the asset navigates ongoing market uncertainties.
Crypto Market Weakness Weighs on PEPE
The price drop of Pepe Coin follows the general patterns seen in the cryptocurrency market. Altcoin values dropped because Bitcoin declined which worsened PEPE’s performance. Dogecoin and Shiba Inu, two other major memecoins, experienced losses of 5.58% and 3.3% respectively during the previous day.
The financial market’s current weakness has caused crypto prices to decline and led investors to become more conservative in their approach. Market conditions may worsen due to weekend instability which will lead traders to respond to changes in macroeconomic factors.
Even though Bitcoin faces challenges now, analysts predict its recovery will create positive effects across the altcoin market which could be good for memecoins such as PEPE.
The recent whale selloff has increased selling pressure on Pepe Coin which worsens its ongoing price difficulties. The drop in token value signals market-wide weakness while Bitcoin’s performance downturn influences all memecoins simultaneously.
