Pepe (PEPE) Price Dumps Over 11% Fueled By Accelerated Whale Dump

Pepe (PEPE) Price Slumps over 11% amid Whale Activity

Amid a 2% decline in the overall cryptocurrency market cap, the meme coin Pepe (PEPE) has experienced a significant correction over the past 24 hours. Crypto oracles indicate a price drop of more than 20% within the last three days, hovering around $0.0000135 as of Thursday's midday London time.

Despite its mid-cap status, Pepe boasts a fully diluted valuation of $5.6 billion and a robust daily trade volume of approximately $1.5 billion, retaining popularity among investors. Year-to-date (YTD), Pepe has surged by over 1,000%, with ample liquidity across various exchanges and DeFi platforms.

Whale Sell-Off Impacts Pepe

Recently, whales holding substantial Pepe positions have engaged in profit-taking, coinciding with a broader market pullback and overshadowing Pepe's outperformance against Bitcoin and other altcoins in recent months. Early investors are also diversifying their gains into other promising meme coins, acknowledging the early stage of the crypto bull run.

On-chain data analysis by Lookonchain reveals that a whale investor transferred 660 billion Pepe (equivalent to $9.52 million) to Binance, yielding a profit of approximately 52%.

Technical Analysis and Future Prospects

From a technical perspective, Pepe's price faces potential further declines if Bitcoin bulls fail to maintain support near $67k. The weekly Relative Strength Index (RSI) for Pepe has fallen below 70, signaling a waning bullish sentiment.

Should support hold, however, Pepe has the potential to rally towards new record highs.