Pepe Coin: Potential Decline After 427 Billion Tokens Dump

user avatar

by Giorgi Kostiuk

2 years ago

Pepe Coin, a prominent meme coin, faces negative dynamics after a major token sale. Analysis indicates possible further decline.

Major PEPE Sale: Market Impact

Blockchain tracker Lookonchain reported that 427 billion PEPE tokens, worth $8.5 million, were dumped onto the Kraken exchange. Despite this, the investor still holds 1 trillion tokens with a $2 million profit. This is not the first dump; in late December 2023, the investor also offloaded a significant amount of PEPE, leading to a substantial profit.

Technical Analysis and PEPE Levels

According to CoinPedia, PEPE has formed a bearish 'head and shoulders' pattern on the daily chart, suggesting a potential breakdown. The current support level has weakened, and a further drop of 20% to $0.000013 is possible, although the Relative Strength Index (RSI) indicates oversold conditions, which could suggest upside potential.

Impact on Market Positions and Investor Interest

Concerns among investors have arisen due to the price decline and bearish trend, leading to a 15% drop in open interest according to Coinglass. At the time of writing, PEPE is trading near $0.0000178, marking a decline of over 5.5% in the last 24 hours with a 10% surge in trading volume.

Pepe Coin is facing challenges in the market due to major holders' actions and bearish technical analysis, with investors closely monitoring the situation.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Broadridge and Dinari Integrate Proxy Voting for Tokenized Stocks

Broadridge and Dinari have integrated their systems to allow eligible holders of Dinaris dShares to exercise voting rights through established proxy voting infrastructure.

user avatarTando Nkube

Google Launches TPU 8tx and TPU 8i Max AI Systems to Challenge Nvidia

Google has launched TPU 8tx and TPU 8i Max AI systems to enhance privacy and memory capabilities, aiming to compete with Nvidia.

user avatarKofi Adjeman

Nvidia's Stock Plummets Amid Scandal and Google’s AI Chip Launch

Nvidia's stock has dropped significantly following CEO Jensen Huang's admission of an extramarital affair, coinciding with Google's announcement of new AI chips.

user avatarNguyen Van Long

FATF to Review Jurisdictions with Weak Virtual Asset Oversight

The Financial Action Task Force (FATF) will review jurisdictions with longstanding shortcomings in virtual asset regulation to identify necessary actions for the upcoming plenary.

user avatarSatoshi Nakamura

Stellar Development Foundation Makes Strategic Investment in Marketnode

On October 29, the Stellar Development Foundation announced a strategic investment in Marketnode to enhance institutional access to tokenized investment products in the Asia-Pacific region.

user avatarJesper Sørensen

Tokenization Efforts in Wall Street Face Challenges

Tokenization efforts on Wall Street face challenges as major companies opt out, highlighting volatility and illiquidity in the market.

user avatarRajesh Kumar

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.