Pepe Coin (PEPE) Sees Major Selloff, Price Slides Below $0.0066 Level

• Pepe Coin lowered 2.3% to $0.056735, a $2.86 billion market cap, and $790.84 million trading volume.
• Crypto TXG recorded PEPE fall against $0.0087, closing around $0.00666, and must remain above $0.0057.
• A whale investor spent $4.97 million acquiring 600.88 billion PEPE tokens, signaling potential accumulation amid market uncertainty.

Pepe Coin (PEPE) is facing renewed market pressure as whale activity intensifies and price levels weaken. PEPE is trading at near $0.056 with a $2.86 billion market cap. Analysts caution that a breakdown of key support levels may prolong the token’s current correction.

Pepe faced a mild setback today, dropping 2.3% to $0.056735 despite strong market activity. The market cap of the token stands at $2.86 billion, indicating stable support from investors. Of particular interest is that 24-hour trading volume surged 59.76% to $790.84 million, signifying increased short-term price fluctuations.

Source: CoinMarketCap

Pepe Coin Price Crashes as Key Support Breaks

In a recent post by Crypto TXG, Pepe saw a dramatic fall following a loss of its key support at $0.0087, dropping down to $0.002805 amidst the larger decline in the crypto market. Token closed around $0.00666, and analysts have been emphasizing holding above $0.0057.

Source: X

Per Crypto TXG, Pepe’s move of price move might require a few days to become steady before any definite trend is perceptible. It seems that investors are still skeptical and closely monitoring the next steps, waiting for either a phase of consolidation or revival in the near future.

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Whale Sell-Offs Trigger PEPE Price Weakness

Among the notable buyers, Onchain Lens identified one large investor who spent $4.97 million to purchase 600.88 billion PEPE tokens. Conveniently, this wallet is still sitting on about $1 million, indicating the investor is possibly scheduling another accumulation anytime.

However, despite this massive buy, Pepe’s overall Balance Change showed a negative $2.42 million, meaning that whales sold more than they bought. This is typically perceived as a bearish sign, indicating that the belief among institutional investors is fading. 

In the past, whenever the investors have started liquidating their holdings, this has been followed by further depreciation due to increased pressure resulting from sales. The next few days could determine whether PEPE finds solid support or extends its current downward movement.

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