Dormant PEPE Whale Activity Sparks Attention Amid Price Decline

A PEPE whale initiated a selling movement of 10.004 billion tokens after a 10-month dormancy period. The token has recorded a monthly price decline of 29.24%.

Despite an uptick in activity, the overall crypto market has experienced price declines in the past week. Amidst mounting tensions, memecoin PEPE has also experienced a price dip after its recent bullish rally in May. While community members contest the end of the memecoin season, one particular PEPE whale movement caught market attention in the last 24 hours.

The wallet identified as 'dimethyltryptamine.eth' showed Pepe transactions after being inactive for over 10 months. According to Spot On Chain reports, the whale sold 10.004 billion PEPE worth $112 thousand in exchange for 32 ETH.

The whale's profit from their recent sale stands at 58.6K% as the token has shown a yearly increase of approximately 566% according to CMC data. They currently hold 1.99 trillion PEPE worth $21.9 million, which ranks as the whale's top crypto holdings. Dimethyltryptamine.eth's other holdings include MOG, WOJAK, and USDC with a total holding value of $22.413 million.

Notably, 10 months ago, dimethyltryptamine.eth bought 50 billion PEPE for approximately 27 ETH. Before this movement, the whale received 4 billion of the meme tokens from an anonymous address '0xc32'. These transactions were the last before the whale went inactive until recently.

Additionally, the whale movement amidst PEPE's persisting price dip has caused concerns among token holders.

PEPE Monthly Price Overview

Frog-based memecoin PEPE exhibited price declines in the past month, exhibiting a 29.24% decline in the last 30 days. The price declines fueled a selling pressure in the token as indicated by the RSI standing at 42.32. PEPE began the month, trading at $0.00001521, after a modest price decline from its May 27 ATH of $0.00001718.

However, as the month progressed the token continued to decline in price, sliding to a monthly low of $0.00000968 on June 18. In the past week, it recorded a 13% decline in prices. At the time of writing, the token is currently trading at $0.00001080 with a daily decline of 6.63%.

Moreover, the short-term 9-day MA stands above the current trading price, highlighting the current bearish trend, as per TradingView data. The overall market has also reflected the bearish trend, as Bitcoin slid below the $60K level in the last 24 hours. The price drop amid increasing regulatory scrutiny has sent alarms across the community.

Highlighted Crypto News Today: