Pepe, the third-largest meme coin, is facing significant pressure after a major early investor began selling large amounts of tokens. This has led to concerns about further price declines.
PEPE Sale: Facts and Figures
On March 29, 2024, blockchain analytics firm Lookonchain reported that a crypto whale sold 150 billion PEPE tokens on Binance, valued at about $1.14 million. This investor has now sold a total of 1.02 trillion PEPE tokens, earning $6.66 million in sales and a total profit of $10.3 million. Initially, this whale bought 1.5 trillion PEPE for just $2,184, achieving an extraordinary return on investment.
Impact of the Sale on the PEPE Market
As a result of these massive sell-offs and the overall weak crypto market, PEPE’s price has dropped over 7.43% in the last 24 hours, currently trading around $0.057188. Additionally, its trading volume has fallen by 15%, suggesting reduced interest from traders and investors. PEPE’s price chart indicates a bearish trend. The coin was previously following an ascending channel pattern, but recent selling pressure pushed its price below this channel.
Forecasts and Expectations
If PEPE stays below $0.0000075, experts predict it could drop another 20%, potentially reaching $0.00000585 soon. The meme coin market has been struggling, and with whales offloading large amounts of tokens, the downward pressure on PEPE may continue. Investors will be watching to see if PEPE finds support or if further declines are ahead.
The situation in the meme coin market is tense, and the further actions of major investors could significantly impact PEPE's price dynamics. Investors remain vigilant for additional signals.
