Pepe Coin Dips as Over 1 Tln PEPE Dumped

In a surprising turn of events, Pepe coin has sparked concerns among investors, with signs of a price correction emerging on July 5. Recent data indicates a significant sell-off of over 1 trillion PEPE on exchanges, resulting in a decline of approximately 12% in the value of the frog-themed meme coin.

Amidst a bearish cryptocurrency market, these substantial sales have significantly altered market sentiment. Doubts have arisen regarding whether Pepe coin has reached its zenith, causing unease among traders and investors. Let's delve deeper into the current market statistics of the third-largest meme coin by market capitalization and their implications for future price movements.

Massive PEPE Dump by Whales Triggers Bearish Sentiment

According to on-chain data from 'The Data Nerd,' a transaction tracker, two whales transferred $1.02 trillion PEPE to a crypto exchange today.

Whale address 0xf22 deposited 435 billion PEPE, valued at $3.86 million, to Binance, one of the leading centralized exchanges. If sold at the current price, the whale would incur a loss of $1.21 million.

Concurrently, market maker Wintermute sold a colossal 593.6 billion PEPE for $4.61 million. This substantial selloff has amplified selling pressure on Pepe coin.

These significant transfers to exchanges have ignited bearish market sentiment, signaling a decline in confidence in the asset's future potential. Meanwhile, Pepe coin remains largely in the red.

PEPE Coin Undergoes Notable Price Decline and Market Uncertainty

At the time of writing, Pepe coin (PEPE) has witnessed a 12.03% decrease in value, trading at $0.000008304. The token's price has fluctuated between $0.000007724 and $0.00000963 over the past 24 hours. Over the past week, PEPE has experienced a decline of nearly 33%, erasing gains achieved during this year's bull cycle and transitioning into a bearish trend.

Although this price drop is in line with the broader market trend, Pepe coin had previously enjoyed a substantial surge during the bull cycle, defying overall market sentiment. This recent correction may indicate that the token's long-awaited adjustment has finally taken place.

Market sentiment regarding Pepe coin's future price movements remains uncertain, as evidenced by technical indicators. The RSI currently stands around 31, indicating that further downward pressure could drive the token into oversold territory, potentially leading to a price rebound.

Please note that this article serves as informational content only and should not be interpreted as legal, tax, investment, financial, or any other type of advice.