PEPE (PEPE) MEME COIN DUMPED CITY AND HOLDS AHEAD OF MARKET Sentiment Decline

During the ongoing bearish market sentiment, Pepe (PEPE), the world's third-largest meme coin, has lost its key support and is poised for a massive price drop.

Pepe (PEPE), the world’s third-largest meme coin, has lost its key support and is poised for a massive price drop as bearish market sentiment continues.

Earlier on March 29, blockchain-based on-chain analytics firm Lookonchain posted on X (formerly Twitter) that an OG PEPE holder—an early investor in the meme coin—has dumped billions of tokens, raising concerns over a major price drop.

Crypto Whale Dumps 150 Billion PEPE

In a post on X, Lookonchain noted that amid this market decline, a whale sold 150 billion PEPE tokens for $1.14 million on the Binance cryptocurrency exchange.

The post further mentioned that, so far, this whale has sold 1.02 trillion PEPE meme coins for $6.66 million, making a total profit of $10.3 million, which is 4,718x.

This OG investor used only $2,184 to buy 1.5 trillion PEPE tokens during the early stages. However, due to bearish market sentiment and a continuous price decline, the whale has begun selling its massive holdings.

Credit: Lookonchain / X

PEPE is currently trading around $0.0000073 and has registered a price decline of over 5.50% in the past 24 hours. Meanwhile, during the same period, its trading volume dropped by 25%, indicating less participation from traders and investors in the last 24 hours.

According to expert technical analysis, PEPE appears bearish after a massive price decline. The meme coin’s four-hour chart reveals that PEPE has been moving in an ascending channel pattern, but with the recent price drop, it has breached the lower boundary of the channel and closed a daily candle below that level.

Moreover, the meme coin also slid below the crucial support level of $0.0000075, which is the 2024 low point. If the meme coin stays below the $0.0000075 level, then there are high chances of it declining by 20% to reach the $0.00000585 level in the future.