- The recent correction of Pepe coin has led to a significant sell-off in centralized exchanges (CEX), causing concern among investors.
- Nearly 1 trillion PEPE tokens were transferred to exchanges, with a notable portion being sold.
- Pepe coin’s price dropped by almost 12% today, reinforcing bearish market sentiments.
Pepe coin faces market turbulence as massive sell-offs lead to significant price drops and investor apprehensions.
Massive Exchange Dumps Ignite Market Concerns
The Pepe coin experienced an unprecedented sell-off today, July 5, leading to a dramatic price correction that has alarmed many investors. On-chain data reveals that over 1 trillion PEPE tokens were transferred to exchanges, coinciding with a 12% drop in the frog-themed meme coin’s value. This significant movement has sparked severe concerns and speculation that Pepe coin may have peaked, prompting a wave of cautious trading activities.
Colossal Whale Transactions Unsettle Investors
According to data tracked by ‘The Data Nerd,’ two whale addresses were responsible for a bulk of today’s sell-offs. One whale, associated with the address 0xf22, deposited 435 billion PEPE — worth approximately $3.86 million — to Binance. If sold at the current market rate, this whale would incur a loss of around $1.21 million. Simultaneously, the market maker Wintermute sold a staggering 593.6 billion PEPE, valued at $4.61 million. These transactions have significantly increased the selling pressure on Pepe coin and led to a loss of market confidence.
Analysis of Current Market Trends
At the moment, PEPE is trading in a distinctly bearish pattern, with its price having dipped by 12.03% to $0.000008304. The coin’s 24-hour low and high are $0.000007724 and $0.00000963, respectively. Over the past week, PEPE’s value has plummeted by about 33%, adding another zero to its price that it had previously shed during the year’s broader bull cycle.
Potential for a Market Recovery
Despite the recent downturn, there are indications that Pepe coin may recover. CoinOtag highlights that PEPE’s nearest resistance point is at $0.000009. If the coin can break past this level, it could pave the way for further gains. Technical metrics such as the Relative Strength Index (RSI) currently rest around 31, suggesting the coin is approaching oversold territory. This could potentially trigger a rebound as market participants eye any signs of upside movement with cautious optimism.
Conclusion
The recent correction and massive sell-offs in Pepe coin have undoubtedly created a ripple of concern among investors, leading to a bearish market outlook. However, technical indicators and market analyses suggest that a recovery might be on the horizon. For now, Pepe coin remains a highly watched asset, with traders and investors closely monitoring its movements for any signs of stabilization or further decline.
