- PEPE has seen a decrease of 6.02% in the past twenty-four hours.
- Experts and investors are still heavily bullish on the meme coin.
Remember a few months ago when Pepe [PEPE] was all the rave? Well, that’s not the case anymore. Over the past twenty-four hours, Pepe has seen a decrease of over 6%, a huge tumble from its good days.
Interestingly, however, data from CoinGecko shows that the community is still largely bullish on the prominent meme coin.
Why is PEPE Down?
Two days ago, Etherscan unleashed a bombshell with its on-chain data, revealing a massive withdrawal of nearly 1 trillion PEPE tokens from Binance [BNB].
This transfer, valued at almost $8 million, turned heads due to its mysterious origins and the use of a high-security Gnosis Safe Proxy wallet. And it wasn’t a one-off, either.
Just a day before, the same shadowy address pulled out another 322.48 billion PEPE tokens, worth around $2.7 million. Take a look:
Source: Etherscan
These transfers seem to be the core reason behind the small FUD that led to PEPE’s plunge. Their timing is also quite intriguing, seeing as they happened during an unexpected 17% surge in prices.
Investors remain unfazed.
However, this has also fueled wild speculations in the community about the possible motives behind the transfers, ranging from market manipulation to unforeseen regulatory crackdowns.
Meanwhile, on the morning of the 7th of May, another whale made a deposit of over 1.2 billion PEPE tokens to a Binance multisignature wallet address, suggesting it might have been an entity and not an individual investor.
Clearly, there is still a lot of interest in Pepe.
What Experts are saying
As usual, crypto experts are throwing around predictions for PEPE, trying to help investors make sense of the market and decide if it is still a good option for investment.
Take David Gokhshtein, for instance.
The renowned crypto commentator believes that PEPE is still Dogecoin’s [DOGE] biggest competitor in the upcoming bull market that is largely expected to kick off in the third to fourth quarter of this year.
Some experts are even suggesting that HODLers swap out their Shiba Inu [SHIB] for PEPE, even at current price levels.
Is your portfolio green? Check out the PEPE Profit Calculator
Moreover, Plazma has shared that in the past day, PEPE has seen seven hundred and three new holders. They added that the meme coin has,
“Touched the 92 resistance. Won’t be long before a new all-time high.”
All in all, the community is still pretty bullish on PEPE even as it sees a rocky day. But whether you invest or not is a decision you have to make for yourself after doing your own extensive research.
