Pepe (PEPE), the third-largest meme coin, is facing strong bearish pressure as a major early investor has started selling large amounts of tokens. This has raised concerns about a further price decline.
On March 29, 2024, blockchain analytics firm Lookonchain reported that a crypto whale sold 150 billion PEPE tokens on Binance, worth about $1.14 million.
This investor has now sold a total of 1.02 trillion PEPE tokens, earning $6.66 million in sales and a total profit of $10.3 million. Remarkably, this whale initially bought 1.5 trillion PEPE for just $2,184, making an extraordinary return of 4,718 times their investment.
As a result of these massive sell-offs and the overall weak crypto market, PEPE’s price has dropped over 7.43% in the last 24 hours, currently trading around $0.057188. Additionally, its trading volume has fallen by 15%, suggesting reduced interest from traders and investors.
PEPE’s price chart indicates a bearish trend. The coin was previously following an ascending channel pattern, but recent selling pressure pushed its price below this channel. If PEPE stays below $0.0000075, experts predict it could drop another 20%, potentially reaching $0.00000585 soon.
The meme coin market has been struggling, and with whales offloading large amounts of tokens, the downward pressure on PEPE may continue. Investors will be watching to see if PEPE finds support or if further declines are ahead.
Also Read: Pepe Price Jumps 14%, Breaking Crypto’s Weeks-Long Downtrend
