During the ongoing bearish market sentiment, Pepe (PEPE), the world’s third-largest meme coin, has lost its key support and is poised for a massive price drop. Meanwhile, on March 29, 2024, blockchain-based on-chain analytics firm Lookonchain posted on X (formerly Twitter) that an OG PEPE holder—an early investor in the meme coin—has dumped billions of tokens, raising concerns about a significant price decline.
Crypto Whale Dumps 150 Billion PEPE
In a post on X, Lookonchain noted that amid this market decline, a whale sold 150 billion PEPE tokens worth $1.14 million on the Binance cryptocurrency exchange.
The post further mentioned that, so far, this whale has sold 1.02 trillion PEPE meme coins for $6.66 million, making a total profit of $10.3 million, equivalent to 4,718x.
This OG investor spent only $2,184 to buy 1.5 trillion PEPE tokens during the early stages. However, due to bearish market sentiment and a continuous price decline, the whale has begun selling its massive holdings.
Current Price Momentum
With all this, PEPE is currently trading near $0.0000073 and has registered a price decline of over 5.50% in the past 24 hours. Meanwhile, during the same period, its trading volume dropped by 25%, indicating lower participation from traders and investors compared to the previous day.
PEPE Technical Analysis and Upcoming Level
According to expert technical analysis, PEPE appears bearish after a massive price decline. The meme coin’s four-hour chart reveals that PEPE has been moving in an ascending channel pattern, but with the recent price drop, it has breached the lower boundary of the channel and closed a daily candle below that level.
Based on recent price action and historical patterns, if the meme coin remains below the $0.0000075 level, there is a strong possibility it could decline by 20% to reach the $0.00000585 level in the future.
