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Is PEPE Toast? 20% Weekly Crash Sparks Concern
The recent downturn in the crypto market has taken a heavy toll on meme coin PEPE, with its price plummeting by over 22% in the past week. This dramatic decline has wiped out more than $1.3 billion from its market cap, which currently sits at $4.24 billion.
A significant whale wallet, identified as 0x6ea4, contributed to this devastating fall by offloading a massive 600 billion PEPE tokens valued at approximately $6.04 million onto Binance on Wednesday. Notably, the same wallet had withdrawn 2.2 trillion PEPE tokens (worth around $27.64 million) from Binance just last month before repatriating them in three separate batches, potentially incurring an estimated loss of ~$3.5 million.
The sudden and drastic price drop has led to increased concerns among investors and enthusiasts alike. This comes as no surprise, given the stark correlation between CEX deposits following price rallies and potential sell pressure. The market’s overall sentiment has turned bearish, prompting traders and investors to re-evaluate their positions.
Some analysts are cautiously optimistic about PEPE’s outlook, pointing out that it is currently testing a key support level around $0.00000980 as depicted by the Bollinger Bands on Trading View. This dynamic support level could be an attractive buying opportunity for long-term players seeking to capitalize on potential short-term recovery.
However, experts also warn of an impending breakdown below $0.00000950, which would likely trigger a further decline in the short term.
Source: www.coinspeaker.com
