Bitcoin’s (BTC) recent dip below the critical $97,000 to $99,000 support range—after briefly climbing above $100,000—has sent ripples across the crypto market. Among the hardest hit is frog-themed memecoin Pepe (PEPE), which has suffered significant losses in the last 24 hours.
The mid-cap memecoin, with a fully diluted valuation of $7.6 billion and a 24-hour trading volume averaging $2 billion, dropped over 11% to $0.00001816 during Wednesday’s early European session.
Whale Activity
Pepe’s decline is largely tied to whale activity. One major investor holding 1 trillion PEPE tokens, valued at over $18 million, deposited 427 billion tokens—worth about $8.45 million—to the Kraken exchange in the past two days. This whale reportedly secured an estimated $13.45 million in profits, highlighting how large-scale sell-offs can rattle the market.
Heightened volatility in Pepe’s market led to over $5.6 million in liquidations, with long traders bearing the brunt at $4.9 million. Additionally, most memecoins posted double-digit percentage losses in the same period, reflecting broader instability in this segment of the crypto market.
On-Chain Data Reveals Bearish Momentum
On-chain data from Dexscreener showed a strong sell trend for Pepe in the past 24 hours. Of the $3.3 million traded on decentralized finance (DeFi) platforms, $2 million came from sellers, further pressuring Pepe’s price.
Pepe’s price fell below its 50-day Moving Average (MA), a sign of potential further declines. Analysts predict the memecoin could see a 10–20% drop in the midterm before attempting a rebound toward a new all-time high (ATH). While Pepe remains in a long-term bullish trend on the weekly chart, its daily Relative Strength Index (RSI) has slipped below 50%, indicating that sellers currently have the upper hand.
Despite the setbacks, the crypto market remains optimistic. Many believe the inauguration of U.S. President-elect Donald Trump
The coming days will reveal whether Pepe can leap back to its former glory or continue sliding down the charts.
PEPE coin is facing short-term volatility but could rebound. Consider risks before investing, as it might drop further before hitting new highs.
While PEPE shows potential for recovery, consider waiting for signs of stabilization after the current price decline for better long-term prospects.
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