"PEPE Faces Downward Trend as Meme Coin Market Loses Momentum"

PEPE Bleeds Out as Meme Coin Momentum Fades

The price of third biggest meme coin PEPE ($PEPE) is trending downwards, taking an 8% hit in 7 days to trade at $0.000007034. However, in the last 24 hours, PEPE has retained its value better than most of its peers. Dogecoin ($DOGE), the $24.3 billion cap market leader, dropped 3.3% in the last 24 hours and around 7% over the last seven days. Shiba Inu ($SHIB), with a $7.1 billion cap, mirrored DOGE’s performance, dropping 3.5% on the day and around 7.3% on the week. The collective market capitalization of the meme coin sector fell 3% overnight to $49.9 billion, reflecting wider market movements as Crypto’s entire market fell 3.9% overnight to $2.74 trillion.

Pepe Whale Triggers Panic, Dumps 150 Billion PEPE Tokens

A big player in the world of PEPE coin, known as an OG investor, has cashed out a significant portion of their holdings. They sold off 150 billion PEPE tokens on Binance, amounting to about $1.14 million. This move has caused the price of the meme coin to fluctuate. The investor initially spent only $2,184 to buy 1.5 trillion PEPE tokens in the early stage, making a substantial profit from the sale. They sold 1.02 trillion PEPE tokens previously for $6.66 million, leaving them with 493 billion PEPE tokens worth $3.64 million.

PEPE Price Forecast: Possible Rally if Breakout Occurs

PEPE could rally to double digits if it breaks above its key resistance level. The PEPE price approaches its descending trendline on Tuesday, and a breakout would indicate a bullish move ahead. Additionally, PEPE’s long-to-short ratio hints at a rally as bullish bets among traders reach the highest in over a month. However, traders should be cautious as Lookonchain data shows that a whale has sold 438 billion Pepe tokens.