pepe Coin Correction Wants More Than 1 TL Of PEPE Trash, Bull Topple?
In an unprecedented turn of events, Pepe coin raised serious concerns among investors by showing signs of a price correction on July 5. The latest on-chain data showed that over 1 trillion PEPE had flowed into exchanges, along with a nearly 12% drop in value of the frog-themed meme coin.
The emergence of these massive declines amid a bearish crypto market environment has caused market sentiment to undergo a paradigm shift. Speculations that Pepe coin, in particular, has potentially peaked have pushed traders and investors into the hot seat, further aligning with the massive currency decline.
So, let’s take a deeper look at the current market statistics of the third largest meme coin by market cap and what it portends for future price action.
Massive Stock Market Dumps Spark Bearish Sentiment
According to on-chain data provided by transaction tracker ‘The Data Nerd’, $1.02 trillion worth of PEPE was collectively dumped onto a crypto exchange by two whales today.
Whale address 0xf22 deposited 435 billion PEPE worth $3.86 million to Binance, one of the leading CEXs. If the whale sells at the current price, it will lose $1.21 million.
Simultaneously, market Maker Wintermute deposited 593.6 billion PEPE and sold it for $4.61 million. This massive sale put increasing selling pressure on Pepe coin.
Collectively, these large transfers to exchanges have set off a vortex of bearish sentiment in the market, underscoring the market’s loss of confidence in the asset’s future potential.
Meanwhile, Pepe coin continued to trade heavily in the red zone.
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PEPE Price Dropped
At press time, PEPE’s price is down 12.03% to $0.000008304. The 24-hour lows and highs are $0.000007724 and $0.00000963, respectively. The weekly crash, which saw a drop of nearly 33%, has seen PEPE’s value drop back to zero after losing value during this year’s bull cycle. This momentum has pushed the token into a bearish trend.
Although this price drop is in line with the broader market trend, it is worth noting that Pepe coin has been making unprecedented gains during this year’s bull cycle, defying broader market trends and sentiments. This could mean that Pepe Coin’s long-awaited correction is finally happening.
However, parofix Media highlighted PEPE’s nearest resistance at $0.000009, hinting that a potential market recovery could see PEPE scale this level, leading to further gains.
Collectively, the aforementioned data points to uncertain market sentiment about the future price movement of the frog-themed meme coin.
Moreover, the RSI remained around 31, which suggests that further downside pressure could trigger a entry into the oversold territory. If this happens, Pepe coin is likely to witness a potential price recovery.
However, crypto market participants are heavily monitoring the token for further price changes, given the volatility of the crypto world.
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The content presented may include the author’s personal opinion and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
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