PEPE's meme coin rally continues its downward trajectory. The latest market data suggests that the digital asset may be heading toward a 30-day low, with significant selling pressure from the so-called "whales" or "Smart Money."
One whale, identified as 0x4614, who had made a profit of 1,182 ETH (around $2.2 million) on PEPE, sold 375.8 billion PEPE (approximately $306K) at a loss of 76 ETH (approximately $142K) just an hour ago. Another whale, 0x6544, who had made around $352K on PEPE, also dumped a whopping 257.9 billion PEPE (equivalent to $306K), at a loss of $35K, about four hours ago.
These large sell-offs are exerting downward pressure on PEPE's price, pushing it toward a 30-days low. The sharp reversal from the all-time high reaches 75%, making PEPE one of the shortest lived digital assets in the history of the cryptocurrency market. It had nearly reached the top 10 in terms of market capitalization at its peak, a remarkable feat for such a new coin.
Furthermore, PEPE's trading volume is showing a significant downturn, with a decline of over 90%. The dwindling trading volume combined with substantial sell-offs suggests bearish sentiment among PEPE holders. This trend implies that the coin is facing considerable headwinds that might result in further depreciation.
While the fall in price and trading volume might be disheartening for PEPE enthusiasts, it is worth noting that the volatile and unpredictable nature of meme coins makes them highly susceptible to such dramatic swings. Meme coins often ride on hype and sentiment, and when that fades, a downward price correction often follows, which is exactly what happened with Shiba Inu.