- PEPE price has lost more than 50% of its value after hitting an all-time high of $0.00000431 on May 5.
- Three large wallet investors bought the meme coin after the recent price pullback, accumulating 2 trillion PEPE coins.
- PEPE has been trading sideways since its decline, below $0.00000211.
PEPE, a meme coin inspired by “Pepe the frog” meme, saw an increase in its popularity after its price rose by a whopping 1,000% in ten days, reaching an all-time high of $0.00000431 on May 5. However, the asset’s price has declined more than 50% since then.
Also read: Bitcoin price recovery to $30,000 likely with dwindling BTC supply on exchanges
PEPE whales accumulate 2 trillion coins during recent correction
Despite recent price declines, large wallet addresses holding PEPE, popularly known as whales, have scooped up 2 trillion coins after the correction. PEPE price nosedived 55% from its peak and trades at $0.00000192 at the time of writing, according to data from CoinGecko.
Based on on-chain data from crypto intelligence tracker Lookonchain, three large wallet addresses started buying the meme coin after the price decline.
The first address (0x50C1) scooped up 1.4 trillion PEPE, worth $2.76 million on Binance at an average price of $0.000002054. The second (0x2Baa) bought 212 billion PEPE, worth $429,000 in exchange for 223 Ether at a price of $0.000001942, while the third (0x3AE8) bought 424 billion PEPE for 450 ETH at $0.000001957.
Transactions by PEPE whales
Whales are accumulating the frog-meme-inspired coin as they are likely anticipating a recovery in its price. However, the steep decline in the market capitalization of PEPE, from $1 billion to $840.88 million, signals that the asset’s recovery to its May 5 peak of $0.00000431 is unlikely.
What can whales expect if PEPE price declines?
Large wallet investors attempting to catch the falling knife could face unrealized losses in the event of further declines in PEPE price. As seen in the PEPE/USDT four-hour price chart below, the asset is currently on a downward trend, setting lower highs and lower lows.
PEPE price is tackling resistance at the 10-day Exponential Moving Average of $0.00000203. The frog-inspired meme coin tackles resistance at $0.00000276, and consecutive Fibonacci levels of 38.2% and 23.6% at $0.00000296 and $0.00000354,respectively. Further up, the peak on May 5 is at $0.00000448, according to the chart.
In the event of a decline, PEPE could first fall to $0.00000194, a level that has acted as support since May 5, and later to $0.00000127, a key resistance that was flipped into support between May 2 and May 4.
PEPE/USDT four-hour price chart
A decisive close above the 61.8% Fibonacci level at $0.00000202 could invalidate the bearish thesis for PEPE and signal a trend reversal in the meme coin.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Crypto Today: Bitcoin, Ethereum and XRP gain on Friday, meme coin NEIRO erases recent gains
Bitcoin steadies above $60,000 on Friday, gains over 1% on the day. Ethereum trades above $2,400, while BlackRock Spot Ethereum ETF sees a $17.8 million inflow on Thursday. XRP is back above $0.5300 as Ripple files cross-appeal in SEC lawsuit.
Cardano celebrates milestone: Hosts Argentina’s first legally enforceable smart contract
Cardano ambassador Mauro Andreoli recently announced Cardano’s milestone of Argentina’s first legally and judicially enforceable contract. The first loan agreement in Cardano under Argentine law involves a loan of 10,000 ADA tokens, currently valued at $3,380.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC finds support around $60,000
Bitcoin is finding support around the key level, and a close below this level could signal a decline. Ethereum is approaching a critical resistance barrier; rejection from this level suggests a decline ahead. Meanwhile, Ripple is stuck in a range, reflecting a period of indecision among traders.
SEC sues Cumberland DRW for acting as an unregistered securities broker, Solana ETFs at risk
SEC sued crypto trading company Cumberland DRW for allegedly acting as an unregistered broker. Solana was among five cryptocurrencies the SEC alleged to be securities sold via the platform.
Bitcoin Weekly Forecast: Will BTC decline further?
Bitcoin’s (BTC) price fell over 6% at some point this week until Thursday, extending losses for a second consecutive week, as it faced rejection from a key resistance barrier.
Five best Forex brokers in 2024
VERIFIED Choosing the best Forex broker in 2024 requires careful consideration of certain essential factors. With the wide array of options available, it is crucial to find a broker that aligns with your trading style, experience level, and financial goals.