PEPE Coin Whales Trigger Market Uncertainty Amid Recovery
Recent on-chain activity reveals significant whale movements in PEPE ($PEPE), with over half a billion dollars swapped, raising concerns about potential sell-offs. Despite the massive transaction, the token’s price remains resilient, gaining 12.63% in the last 24 hours. However, analysts warn of a possible downturn if whale dumping continues.
Pepe Coin Whales Dumping Amid Recovery, Price Outlook Uncertain
Recent on-chain data shows whales may be dumping PEPE ($PEPE) coin, depicting a swap of over half a billion dollars. A whale paid 723.67 billion $PEPE in return for 4.63 million $DAI. Despite this significant sale, the token’s price hasn’t moved much, gaining about 12.63% in the last 24 hours, trading at $0.000006728. However, there is a risk that this could trigger more sell-offs, leading to a potential price decline. Large token holders affect the price by buying or selling significant assets, and a significant sell-off is a bearish indicator. Despite this, the market has shown resilience, absorbing the large-scale sale without derailing, which could be a precursor to a rebound.
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PEPE Emerges as Best Meme Coin Amid Market Sell-Off
Pepe (PEPE) has outperformed its meme coin peers with weekly gains of 0.75% and 30-day gains of 7.2%. In contrast, Dogecoin (DOGE) and Shiba Inu (SHIB) have seen prices retreat by 4.1% and 5.2% respectively in the past 7 days. PEPE’s resilience has made it the best meme coin to buy currently. The Fear and Greed Index has improved from a record low of 15 (Extreme Fear) to 25 (Fear), indicating a slight improvement in investors’ sentiment.