A Pepe Coin whale caused a stir across the broader cryptocurrency market on Monday, heavily offloading PEPE to crypto exchange Binance. Recent on-chain data flagged over 1 trillion coins dumped into the mentioned exchange, raising concerns amid the frog-themed meme coin’s bearish run. PEPE price traded down roughly 2% intraday, whereas weekly charts showed a dip of over 10%.
Crypto market enthusiasts speculate over what lies ahead for one of the most renowned meme coin in the market in light of recent events.
Pepe Coin Whale Offloads Over 1 Trillion Coins Raising Market Concerns
One of the latest updates from Whale Alert on October 28 indicated that a Pepe coin whale transferred 1.27 trillion coins, worth $11.51 million, to Binance. As per the data, the unknown address 0x3…dc8 shifted the abovementioned amount to the crypto exchange, raising selloff concerns among market participants.
The loss of large-scale investors’ confidence in the asset’s potential to offer gains, as hinted by the whale dump, has urged a sense of apprehensiveness among market traders and investors. However, it’s also worth mentioning that the address still holds 208.26 billion PEPE, worth $1.87 million, bringing intrigue to the matter.
Meanwhile, other token holdings for the same address included Fantom (FTM), Worldcoin (WLD), and Shiba Inu (SHIB), among 25 others. Overall, the massive dump, bringing additional selling pressure to the asset, has set off bearish waves for the frog-themed meme cryptocurrency across the crypto space.
PEPE Price Continues to Drop
Simultaneously, PEPE price chart showcased a highly volatile movement over the past day, down 0.08% and trading at $0.000009015. The coin’s 24-hour low and peak were $0.000008786 and $0.000009257, respectively. Notably, the weekly chart showcased a 13% drop in value, whereas the monthly chart indicated an 18% dip. The coin’s slumping action has raised bearish investor sentiments, further solidified by the aforementioned massive whale dump.
However, Coinglass data indicated a 5% increase in PEPE futures OI to $130.28 million. Further, the derivatives volume for the token rose 26% to $381 million. This data conversely hinted at slightly increased investor interest in the asset despite the abovementioned bearish factors.
Besides, recent Etherscan data shows that Pepe Coin holders have been on a constant rise in recent days. As per the data, nearly 296K addresses hold the meme token, indicating strong market confidence in the asset. This data has painted a picture quite contrary to the abovementioned whale dump, indicating that the token could see potential gains ahead.
Moreover, a recent Pepe Coin price analysis by CoinGape Media pointed out that the token’s supply on exchanges noted a significant drop, adding to sentiments of a bullish price trajectory looming for the crypto. Market watchers continue to monitor the coin for future price action shifts.
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