Pepe coin (PEPE) has recently sparked bearish market sentiments across the crypto space, extending its weekly (WoW) correction to 14%. Amid this, a whale has dumped 9 trillion PEPE that was accumulated recently from Bybit, further fueling discussions in the market.
However, according to other data, 2 trillion PEPE was staked at Sophon recently, which has triggered speculations over the potential reason behind the move. So, let’s delve deeper into Pepe coin’s current market stats and see how it may perform in the near future.
Trillions Of Coins Shuffled Igniting Investor Concerns
According to data by Arkham Intelligence, the whale address 0x2da staked 2 trillion PEPE, worth $18.42 million, into the blockchain project Sophon. This whale accumulated these tokens for a mere sum of $2.33 million last year and has an unrealized profit of $16.09 million. Intriguingly, the decision to stake instead of selling PEPE has sent tongues wagging across the crypto industry.
Simultaneously, Whale Alert, in a post on X, highlighted the massive transfer of 9 trillion PEPE, worth $82.17 million, to Bybit. The address 0x88a14933 was recorded to have been making the massive Pepe coin transaction. CoinGape Media yesterday reported that the same whale address bagged 9 trillion PEPE from Bybit. This recent buying and dumping of the meme coin has further fueled speculations among market participants.
In the interim, Pepe coin has defied today’s broader crypto market trend, trading in the red territory. This tumbled action coincides with the massive PEPE dumps to exchanges mentioned above. Additionally, it was recorded that Wintermute, a market maker, also dumped a whopping 702 billion coins to the Binance crypto exchange yesterday.
However, PEPE appears to have borne the brunt of the dump transactions.
Also Read: Whale Withdraws 16,449 ETH Ahead of Ethereum ETF Approval
PEPE Price Tanks 14%
As of writing, the PEPE price slipped 1.24% in the past 24 hours to trade at $0.000009364. Its weekly chart illustrated a 13.90% price correction. Meanwhile, the daily bottoms and tops were $0.000008791 and $0.000009435, respectively.
Coinglass data highlighted a 10.19% jump in PEPE’s futures OI to $100.46 million. However, the derivatives volume tanked 43.32% to $1.25 billion, hinting at an uncertain investor sentiment surrounding the asset in the market.
Besides, the relative strength index (RSI) moved along the 37 mark, hinting that the asset is neither overbought nor oversold, with some downside pressure on price. This further validates PEPE’s recent sluggish movement, although it also paves the path for a potential entry point for traders and investors looking to invest in the meme coin.
A continued downward movement could push the RSI into an oversold territory, paving the way for a potential price rebound ahead. Concerning this, crypto market enthusiasts continue to eye the meme coin for future price action shifts.
Also Read: YieldMax Introduces FIAT ETF to Hedge Against Coinbase
The post Pepe Coin Whale Dumps 9T PEPE; Token Price Down By 14% WoW appeared first on CoinGape.
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