{"id":51766,"date":"2023-05-24T08:11:01","date_gmt":"2023-05-24T08:11:01","guid":{"rendered":"http:\/\/egrowonline.com\/?p=51766"},"modified":"2023-05-24T08:11:01","modified_gmt":"2023-05-24T08:11:01","slug":"pepe-price-crashes-65-in-two-weeks-as-top-whales-take-profits-more-pain-ahead","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=51766","title":{"rendered":"PEPE price crashes 65% in two weeks as top whales take profits \u2014\u00a0More pain ahead?"},"content":{"rendered":"


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Earlier in May, the market capitalization of Pepecoin (PEPE) \u2014 a cryptocurrency inspired by the popular internet meme Pepe the Frog<\/a>\u00a0\u2014\u00a0had soared to $1.8 billion. Two weeks later, the PEPE market cap has come crashing\u00a0down<\/a> to roughly $665 million, a 65% decline. Let\u2019s look at the reasons why.\u00a0<\/p>\n

PEPE market capitalization since April. Source: CoinGecko<\/em><\/figcaption><\/figure>\n

Pepe mania winners dump<\/h2>\n

PEPE whales appear to have been primarily responsible for the price drop, according<\/a> to data tracked by Wuligy, an on-chain analyst at Dune Analytics. <\/p>\n

Notably, the top fifteen addresses with the highest earnings and returns, and those holding a significant amount of PEPE tokens around its market peak have dumped most of their holdings in recent weeks.\u00a0 <\/p>\n

Some whales have even sold 100% of their PEPE reserves during the crash, as shown below.<\/p>\n

Top 15 Pepe addresses with highest earnings and returns. Source: Wulgy\/Dune Analytics<\/em><\/figcaption><\/figure>\n

Simultaneously, PEPE\u2019s hourly transactions and volumes have dropped substantially compared with their peaks on May 5, indicating declining trading activity among whales and fish alike.\u00a0<\/p>\n

PEPE hourly transactions and volumes. Source: Wulgy\/Dune Analytics<\/em><\/figcaption><\/figure>\n

On a brighter note, PEPE\u2019s daily holder count has flatlined, if not fallen, since\u00a0April\u2019s sharp increase<\/a> from around 100 to over 100,000. As of May 23, it was over 115,000, suggesting that new users are joining despite the price decline.<\/p>\n

However, some of these addresses may belong to existing PEPE holders or represent exchange wallets, given PEPE\u2019s listing across multiple crypto exchanges since its launch, the latest being Bitfinex.<\/p>\n

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If you\u2019re a fan of memecoins, then don\u2019t miss out on $PEPE<\/a> – the crypto created in tribute of Pepe the Frog
Deposits are now open at Bitfinex, find out when you can start trading!https:\/\/t.co\/GMDLOcsvcX<\/a> pic.twitter.com\/6Kb0YiaAhf<\/a><\/p>\n

\u2014 Bitfinex (@bitfinex) May 22, 2023<\/a><\/p><\/blockquote>\n

PEPE price bounce next?<\/h2>\n

PEPE price is now at a technical support confluence level, suggesting that a modest bounce is now in play.<\/p>\n

Related:\u00a0Pepe would be ashamed of PEPE investors<\/a><\/em><\/strong><\/p>\n

The confluence comprises an ascending trendline, a 50-4H exponential moving average (50-4H EMA; the red wave), and a Fibonacci retracement line near $0.00000146. <\/p>\n

A rebound attempt from the said support raises PEPE\u2019s potential of rising toward $0.00000190, up 20% from current price levels.<\/p>\n

\"\"
PEPE\/USDT 4-hour price chart. Source: TradingView<\/em><\/figcaption><\/figure>\n

Conversely, a decisive close below the support confluence would position PEPE\/USD price for a decline to $0.00000083 by June, down 45% from current price levels.<\/p>\n

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.\n<\/p>\n<\/div>\n


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Earlier in May, the market capitalization of Pepecoin (PEPE) \u2014 a cryptocurrency inspired by the popular internet meme Pepe the Frog\u00a0\u2014\u00a0had soared to $1.8 billion. Two weeks later, the PEPE market cap has come crashing\u00a0down to roughly $665 million, a 65% decline. Let\u2019s look at the reasons why.\u00a0 PEPE market capitalization since April. Source: CoinGecko […]<\/p>\n","protected":false},"author":1,"featured_media":51767,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[40],"tags":[1386,3184,8072,7834,195,1498,114,136,1582],"class_list":["post-51766","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-analysis","tag-ahead","tag-crashes","tag-pain","tag-pepe","tag-price","tag-profits","tag-top","tag-weeks","tag-whales"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2023\/05\/c07175c6-e8c7-4952-a3d1-8651308a477b.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/51766","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=51766"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/51766\/revisions"}],"predecessor-version":[{"id":51768,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/51766\/revisions\/51768"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/51767"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=51766"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=51766"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=51766"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}