Pepe Coin Price Correction: More than 1 Trillion PEPE Sold, Bull Run Over?

Bittime - In an unprecedented event, Pepe coin has raised serious concerns among investors by showing signs of price correction today, July 5. The latest on-chain data shows that more than 1 trillion PEPE was dumped on exchanges amid a nearly 12% drop in value of the frog-themed meme coin.

The emergence of this massive sell-off amidst a bearish crypto market has changed market sentiment drastically. Speculation that the price of Pepe coin has peaked has pushed traders and investors into a tight spot, in line with a massive sell-off on exchanges.

Massive Dump on Stocks Triggers Bearish Sentiment

According to on-chain data provided by ‘The Data Nerd,’ a transaction tracker, as much as 1.02 trillion PEPE was collectively dumped on crypto exchanges by two whales today. Whale address 0xf22 deposited 435 billion PEPE, worth $3.86 million, to Binance, one of the leading exchanges. If sold at current prices, the whale would suffer a loss of $1.21 million.

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Simultaneously, market maker Wintermute deposited and sold 593.6 billion PEPE worth $4.61 million. This massive sell-off has created increased selling pressure on Pepe coin. Overall, these massive transfers to exchanges have stirred bearish market sentiment, emphasizing the market's loss of confidence in the future potential of these assets.

Meanwhile, Pepe coin continues to trade in the red zone.

The price of PEPE fell

At the time of writing, PEPE price has decreased by 12.03% to $0.000008304. The highest and lowest levels in the last 24 hours were $0.000007724 and $0.00000963, respectively. The weekly decline, almost 33%, saw PEPE add another zero to its value after briefly losing it amid this year's bull cycle. This momentum has pushed the token into a bearish stage.

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Market Sentiment and Recovery Potential

It is worth noting that while this price drop is in line with the broader market trend, Pepe coin has surged unexpectedly amidst this year's bull cycle, defying the broader market trend and sentiment. This could mean that the long-awaited correction in Pepe coin has finally occurred.

However, CoinGape Media highlighted PEPE's nearest resistance point at $0.000009, hinting that a potential market recovery could see PEPE reach this level, paving the way for further upside.

Overall, the data mentioned above suggests uncertain market sentiment regarding the future price action of this frog-themed meme coin.

Pressure Drop and RSI

Additionally, the RSI hovers around the 31 mark, hinting that further downside pressure might push it into oversold territory. If this happens, it is very likely that Pepe coin could experience a potential price rebound.

Conclusion

Nevertheless, crypto market participants are widely monitoring these tokens for further price movements, considering the volatility of the crypto world.

How to Buy Crypto in Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Study Complete Guide How to Buy Crypto on Bittime. 

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