PEPE slides as whales lose interest, traders engage in profit-taking
- PEPE’s large-volume transfers have dipped to the lowest level in nearly thirty days, signaling a loss of interest among whales.
- Profit-taking in PEPE is on the rise, with nearly $30 million in profits realized in the last six days.
- PEPE erases nearly 1% value on Monday, sliding to $0.00000731, extending losses from the weekend.
PEPE (PEPE) posts losses for a third consecutive session on Monday as on-chain metrics show a sharp decline in large-volume transactions from whales and a spike in profit-taking in the last six days. Both indicators suggest that more downside for the meme coin’s price is likely, with PEPE currently trading at $0.00000731.
On-chain metrics signal decline in PEPE
Data from crypto intelligence tracker Santiment shows two emerging trends in the frog-themed meme token:
- First, the count of large-volume transfers of PEPE took a hit in the last six days.
- Second, PEPE traders realized relatively high profits of nearly $30 million in the same time frame.
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Whale transaction count and network realized profit/loss for PEPE
The two trends point at a loss of interest from large-wallet investors as PEPE holders shed their tokens for net profits on four of the six days, between September 10 and 16. The Network Realized Profit/Loss (NPL) metric measures the net profit/ loss of all tokens traded in a day, positive spikes show profit-taking and negative spikes are realized losses.
If profit-taking activities continue, it could negatively influence PEPE price, as selling pressure is typically associated with a decline in prices.
Meanwhile, whale transactions – or those valued at $100,000 or higher – dropped from 129 on September 10 to 36 on September 16, a 70% decline.
The last time PEPE noted such a massive spike in profit-taking was on July 9, after which the meme coin erased nearly 9% of its value within four days.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
