PEPE Price Plunges: Whale Sell-Off Sparks Concerns
Pepe coin (PEPE) experienced a significant price drop, falling 17% in the past 24 hours and 28% last week, currently trading around $0.000012. This sharp decline is largely attributed to massive sell-offs by whales, who have offloaded over 1.1 trillion PEPE tokens.
Whale Activity Fuels PEPE Price Crash
On-chain data reveals substantial whale transactions contributing to the price plummet. Several notable transactions include:
- 0xfBfC…07Be deposited 430 billion PEPE (approx. $6.39 million) into Binance.
- marketparticipants.eth transferred 325.5 billion PEPE (approx. $4.9 million) to Binance.
- 0xb1a2…6731 liquidated 200.88 billion PEPE for $2.85 million in USDC.
- 0xC7ac…BE36 deposited 140.83 billion PEPE (approx. $1.98 million) into Binance.
This influx of PEPE into exchanges significantly increased selling pressure, directly impacting the price.
PEPE Price Reenters Key Range; Potential for Further Decline
PEPE's price has re-entered a trading range established since April 8, 2024, between $0.00000633 and $0.00001461. Technical analysis suggests the next key support level is at $0.00000782. A breach of this level could trigger a further decline towards $0.00000633, representing a potential 56% crash from the current price.
The broader crypto market is also experiencing corrections, with Bitcoin falling below $100,000 and other major cryptocurrencies trading in the red. This overall bearish sentiment adds to the pressure on PEPE.
Navigating the Risks: Protecting Your Investments
The current situation highlights the vulnerability of meme coins to whale manipulation. Large holders can significantly influence price movements through coordinated sell-offs. Investors should proceed with caution and carefully monitor whale activity before making any investment decisions. Consider diversifying your portfolio and utilizing risk management strategies. For secure smart contract development and thorough audits, contact Codeum – your trusted partner for blockchain security and development.
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Disclaimer: This analysis is for informational purposes only and does not constitute financial advice. Conduct thorough research before investing in cryptocurrencies.