PEPE Price Faces A 20% Drop Amid Heightened Whale Selloffs

The post PEPE Price Faces A 20% Drop Amid Heightened Whale Selloffs appeared first on Coinpedia Fintech News

As Bitcoin (BTC) price slipped below the support range between $97k and $99k after teasing above $100k in the past few days, frog-themed memecoin, Pepe (PEPE), suffered palpable losses in the last 24 hours. The mid-cap memecoin, with a fully diluted valuation of about $7.6 billion and a 24-hour average trading volume of about $2 billion, dropped over 11 percent in the past 24 hours to trade about $0.00001816 on Wednesday, during the early European session.

As a result of the heightened volatility, more than $5.6 million was liquidated from the leveraged Pepe market, with over $4.9 million involving long traders. Moreover, the majority of the memecoin projects registered a double percentage digit loss in the last 24 hours.

Major Factors that Attributed to Pepe Price Drop Today

The notable decline of Pepe’s price in the recent past is majorly attributed to the whale shakeouts. For instance, a whale investor with 1 trillion Pepe units, worth over $18 million, deposited over 427 billion Pepe units, with around $8.45 million to Kraken in the last two days. Worth noting that the Pepe whale has accrued an estimated profit of about $13.45 million.

According to on-chain data analysis provided by Dexscreener, Pepe traded in the past 24 hours majorly involved more sellers than buyers. Out of the $3.3 million Pepe traded on DeFi protocols, around $2 million involved sellers.

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Midterm Targets

After dropping below the 50-day Moving Average (MA), Pepe’s price has entered a slippery slope that could lead to further losses in the coming days. Although Pepe’s price is in a macro bull run in the weekly time frame, the memecoin faces a midterm drop of between 10-20 percent before rebounding towards a new all-time high (ATH).

Furthermore, the daily Relative Strength Index (RSI) slipped below the 50 percent level, suggesting the sellers have overtaken the buyers in the midterm. However, Pepe and the rest of the crypto industry are highly anticipating the inauguration of US president-elect Donald Trump Donald Trump Donald Trump is an American former president politician, businessman, and media personality, who served as the 45th president of the U.S. between 2017 to 2021. Trump earned a Bachelor of science in economics from the University of Pennsylvania in 1968. Trump won the 2016 presidential election as the Republican Party nominee against Democratic Party nominee Hillary Clinton while losing the popular vote. As president, Trump ordered a travel ban on citizens from several Muslim-majority countries, diverted military funding toward building a wall on the U.S.–Mexico border, and implemented a family separation policy. Trump has remained a prominent figure in the Republican Party and is considered a likely candidate for the 2024 presidential election President to kickstart the next bullish trend phase.