The Struggles of Pepe Coin: Price Declines and Increased Selling Pressure
Over the past month, Pepe Coin (PEPE) has faced numerous challenges, including allegations of insider trading and a rug pull, resulting in a significant decline in its price. According to data from Santiment, the meme coin has experienced a nearly 50% drop since August 13. In the past week alone, it has plummeted by 15%, making it the top loser among the top 100 cryptocurrencies. This downward trend is further intensified by the increase in PEPE tokens flowing into exchanges, from 116 billion coins to 950 billion tokens since September 9.
When the amount of deposits to exchanges rises, it often indicates the expectation of significant selling pressure, potentially driving the price even lower. Additionally, Pepe Coin’s social volume has been steadily declining since August 25, with a 17% drop in the past two days. Interestingly, despite the price dip, PEPE whales have become more active in the market, with a surge in whale transactions involving at least $100,000 worth of Pepe tokens.
It is crucial to note the potential for high volatility when whales make significant moves in the market. At present, Pepe Coin is trading at $0.00000069, with a 4.8% decrease in the past 24 hours. However, its 24-hour trading volume has seen a 31% surge, reaching $55 million, driven by notable whale activity.
Hot Take: Pepe Coin Struggles Amidst Negative Sentiment and Whales’ Influence
Pepe Coin (PEPE) has faced a tumultuous journey in recent times, with allegations of insider trading and a rug pull shaking investor confidence. The resulting decline in the coin’s price has been further exacerbated by the increase in tokens flowing into exchanges, indicating the potential for significant selling pressure. Moreover, the decreasing social volume reflects dwindling interest and engagement among users.
Despite these challenges, PEPE whales have emerged as active participants in the market, making notable transactions despite the price dip. The influence of these whales can contribute to heightened volatility in the market. As the cryptocurrency continues to navigate these headwinds, it remains to be seen whether it can regain stability and recover from the negative sentiment surrounding it.
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