In 2022, the cryptocurrency market experienced considerable upheaval due to the Terra and FTX incidents, causing Bitcoin to plummet from over $69,000 to under $20,000. However, as 2023 unfolded, the market began recovering, sparking renewed interest in meme coins. PEPE Coin, entering the market during a period of stagnation, has since seen a long-term decline following its peak in May.
PEPE Whales Take Action
PEPE Coin was significantly impacted by the market drop on August 4, seeing its price fall from $0.000012 to below $0.00006. Although it managed a slight recovery, it continued to consolidate in line with the broader market trends. Recently, PEPE tested the $0.00001 level again, but its decline persisted.
Despite these downturns, notable events unfolded when a massive crypto whale transferred 9 trillion PEPE (worth approximately $64.5 million) from the Bybit exchange to their wallet. This transfer intrigued the market, as withdrawals to personal wallets often indicate long-term confidence and can inspire small investors, potentially spurring a rise in prices.
PEPE’s ATH and Subsequent Events
Since reaching its all-time high (ATH) of $0.00001718 in May, PEPE Coin’s price has sharply declined and is now over 58% below its peak. Initially, its price dropped below the 20-day EMA at the start of June, and in the ensuing three months, it lost all its averages, including the 200-day EMA.
Currently, PEPE trades at $0.00000712, having dropped 6% in the last 24 hours, which further distances it from significant levels. Its market cap has fallen below $3 billion, although whale activities have pushed its trading volume up by 23%, surpassing $450 million.
Key Takeaways
Investors should consider the following points regarding PEPE Coin’s market movements:
- Significant whale movements suggest potential long-term confidence in PEPE Coin.
- Market participants should monitor economic and geopolitical events that could influence cryptocurrency prices.
- Current whale activity could indicate an opportunity for strategic investments during possible future bull markets.
Despite the current decline, PEPE Coin’s potential for new ATHs in a future bull market cannot be ignored. However, investors should stay vigilant of broader economic and geopolitical influences to mitigate risks.