Pepe

PEPE

In an unprecedented turn of events, Pepe coin has raised severe investor concerns by showing signs of a price correction today, July 5. Recent on-chain data indicated that over 1 trillion PEPE was dumped to exchanges amid a nearly 12% dip in the value of the frog-themed meme coin.
The emergence of these massive dumps amid a bearish <a href="https://coingape.com/crypto-market-crash-why-bitcoin-and-altcoins-are-falling/" target="_blank" rel="noopener noreferrer nofollow">crypto market</a> has made market sentiments take a paradigm shift. Notably, speculations that Pepe coin has potentially topped have pushed traders and investors onto a hot seat, further aligning with the massive exchange dump.
So, let’s dive deeper into the current market stats of the third-largest meme coin by market and what it indicates for future price movements.
<h2 id="colossal-exchange-dumps-ignite-bearish-sentiments">Colossal Exchange Dumps Ignite Bearish Sentiments</h2>
According to the on-chain data offered by ‘The Data Nerd,’ a transaction tracker, $1.02 trillion <a rel="noopener noreferrer nofollow" href="https://platform.arkhamintelligence.com/explorer/address/0xf226E9b873174f87626080814DaF29E903Fa685c" target="_blank">PEPE</a> was collectively dumped to a crypto exchange by two whales today.
The whale address 0xf22 deposited 435 billion PEPE, worth $3.86 million, to Binance, one of the leading <a href="https://coingape.com/glossary/centralized-cryptocurrency-exchanges-cex/" target="_blank" rel="noopener noreferrer nofollow">CEXs</a>. If sold at the current price, the whale will suffer a loss of $1.21 million.
Simultaneously, the market maker Wintermute deposited and sold a whopping 593.6 billion PEPE for $4.61 million. This massive selloff has presented Pepe coin with increased selling pressure.
Collectively, these massive transfers to exchanges have stirred a whirlpool of bearish market sentiments, underscoring loss in the market’s confidence surrounding the asset’s future potential.
Meanwhile, Pepe coin continued to trade dominantly in the red territory.
Also Read: <a href="https://coingape.com/justin-sun-may-lost-66m-ethereum-records-10-fall-heres-why/" target="_blank" rel="noopener noreferrer nofollow">Justin Sun Faces $66M Loss As Ethereum Records 10% Fall, Here’s Why</a>
<h2 id="pepe-price-plummets">PEPE Price Plummets</h2>
At press time, <a href="https://coingape.com/price/pepe-coin/" target="_blank" rel="noopener noreferrer nofollow">PEPE’s price</a> saw a 12.03% dip in value to $0.000008304. It’s 24-hour bottoms and tops are $0.000007724 and $0.00000963, respectively. The weekly crash, a fall of nearly 33%, saw PEPE regaining a zero in its value after shedding it amid this year’s bull cycle. This momentum has pushed the token to take a bearish stage.
It’s worth mentioning that while this price drop aligns with the broader market trend, Pepe coin has surged unprecedently amid this year’s bull cycle, defying broader market trends and sentiments. This could mean that <a href="https://coingape.com/markets/pepe-coin-price-analysis-20-correction-amid-declining-volume/" target="_blank" rel="noopener noreferrer nofollow">Pepe coin’s</a> long-due correction has finally taken place.
However, CoinGape Media spotlighted <a href="https://coingape.com/markets/pepe-price-prediction-could-this-be-turning-point-for-pepe/" target="_blank" rel="noopener noreferrer nofollow">PEPE’s nearest resistance</a> point at $0.000009, hinting that a potential market recovery could witness PEPE scaling this level, paving the road for further gains.
Collectively, the abovementioned data hints at uncertain market sentiments over the future price action of the frog-themed meme coin.
Also, the RSI rested around 31, hinting that further downside pressure might propel an entry into the oversold territory. Should this happen, chances are Pepe coin could witness a potential price rebound.
Nonetheless, crypto market participants extensively eye the token for further price shifts, given the volatility of the crypto realm.
Also Read: <a href="https://coingape.com/news/stocks/coinbase-microstrategy-bitcoin-miners-stocks-extend-losses-ahead-us-job-data/" target="_blank" rel="noopener noreferrer nofollow">Coinbase, MicroStrategy &amp; Bitcoin Miners Stocks Extend Losses Ahead US Job Data</a>
The post <a href="https://coingape.com/pepe-coin-correction-prompts-over-1-tln-pepe-dump-bull-run-over/" rel="noopener noreferrer nofollow">Pepe Coin Correction Prompts Over 1 Tln PEPE Dump, Bull Run Over?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Pepe Coin Correction Prompts Over 1 Tln PEPE Dump, Bull Run Over?

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Coingape News Media

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