Pepe Price Crashes 11% Amid Whale Dump and Bitcoin Dip: What Next?

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.

What’s Causing the PEPE Price Crash?

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.

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Technical Analysis: More Losses Ahead?

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 Donald Trump Donald Trump is an American former president politician, businessman, and media personality, who served as the 45th president of the U.S. between 2017 to 2021. Trump earned a Bachelor of science in economics from the University of Pennsylvania in 1968. Trump won the 2016 presidential election as the Republican Party nominee against Democratic Party nominee Hillary Clinton while losing the popular vote. As president, Trump ordered a travel ban on citizens from several Muslim-majority countries, diverted military funding toward building a wall on the U.S.–Mexico border, and implemented a family separation policy. Trump has remained a prominent figure in the Republican Party and is considered a likely candidate for the 2024 presidential election President could act as a catalyst for the next bullish phase, potentially reversing the bearish trend for Pepe and other cryptocurrencies.

The coming days will reveal whether Pepe can leap back to its former glory or continue sliding down the charts.

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