A major sell-off of PEPE has resulted in significant shifts in the meme coin market, highlighting the instability of the current situation.
Major Sell-Off and Its Consequences
A whale sold 438 billion PEPE tokens worth $3.03 million at a $434,000 loss. This massive dump affected the market, making PEPE one of the most volatile meme coins.
Technical Analysis of the Situation
The dump pushed the token below all short-term moving averages after attempts to recover above the 50 EMA. The RSI indicates a nearing oversold territory, but not a quick rebound.
Future of PEPE and Market Sentiments
Market sentiment remains unstable, and PEPE's mid-term prospects are uncertain. Without strong buying interest, the price may test the support level at $0.00000065 or drop to $0.00000050.
The whale's dump endangers PEPE’s short-term prospects. Investors should be prepared for potential declines and market instability.
