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Memecoins

PEPE witnesses massive dump – here’s the aftermath 

2min Read

Whales and retail investors have sold a substantial amount of the PEPE holdings. Metrics revealed that the memecoin was under immense selling pressure.
Posted: | Last updated: September 12th, 2023
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PEPE witnesses massive dump - here's the aftermath 
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Journalist
Posted: | Last updated: September 12th, 2023

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  • PEPE’s supply held by top addresses registered a decline on 25 August.
  • Most metrics were bearish, but a few indicators turned bullish. 

The market’s confidence in the trending memecoin Pepe [PEPE] has declined sharply as major dumps have happened in the last few days. The sell-offs not only represented less confidence, but they also caused the memecoin’s price to drop substantially. 

How much are 1,10,100 PEPEs worth today?

After this massive downtrend, will PEPE become a memecoin of the past, or will it make a comeback? 

Selling pressure on PEPE is high

Lookonchain’s tweet, posted on 24 August 2023, revealed that Pepe Multisig wallet and Wintermute Trading deposited 17.3 trillion PEPE worth $18 million to exchanges. Not only that, but an early investor also dumped a substantial amount of the memecoin in exchange for Ethereum [ETH] on a DEX.

This episode clearly showed distrust among investors and proved the fact that the memecoin was under selling pressure.

The sell-offs had a large impact on the memecoin’s price action as its chart turned red. According to CoinMarketCap, the coin was down by more than 20% in just the last 24 hours. This happened while its trading volume surged by 300%.

At press time, it was trading at $0.0000008943 with a market capitalization of $350 million.

A check on PEPE’s metrics further established the aforementioned points. For instance, the coin’s exchange inflow spiked considerably on 25 August. The coin’s supply on exchange shot up while its supply outside of exchange plummeted, which is a bearish signal.

Moreover, both the total amount of holders and the supply held by top addresses plunged, proving that investors and whales did not have faith in PEPE. 

Source: Santiment

Is there hope for a revival?

Though the memecoin’s press time price action was bearish, a few might have capitalized on the situation by accumulating more as they expect the memecoin’s price to go up later. A whale spent 320 ETH, worth $529k, to buy 640 billion PEPE on 25 August.

Earlier, the whale also spent 280 ETH worth $507k to buy 500 billion PEPE on 5 June and spent 253 ETH to buy 164 billion PEPE on 6 May at an average buying price of $0.000001163. 

Realistic or not, here’s PEPE market cap in BTC’s terms   

A look at PEPE’s daily chart gave a better understanding of what the future might look like. The memecoin’s Relative Strength Index (RSI) went into the oversold zone, which could increase buying pressure. Additionally, its Chaikin Money Flow (CMF) registered an uptick.

However, the MACD displayed a bearish crossover, increasing the chances of a continued downtrend. 

Source: TradingView

 

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Dipayan is a full-time journalist at AMBCrypto. He has 2 years of experience in the content creation industry. A graduate in journalism, Dipayan has a keen interest in keeping himself updated with the latest developments in the crypto-space. He is a singer and a guitarist who also enjoys going on long bike rides.
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