Whales Dump 1.5 Trillion Tokens Before Pepe Coin Price Drop
The price of Pepe Coin has dropped to a multi-month low, causing a significant wave of liquidations as the cryptocurrency market experienced a sharp decline.
Overview
- Pepe Coin’s value has fallen to a multi-month low amidst the recent downturn in the crypto market.
- Major investors and whales are liquidating their holdings.
- The currency is currently displaying two major risk patterns on the daily chart.
Pepe (PEPE), a popular meme coin within the Ethereum (ETH) ecosystem, reached a low of $0.0000388, the lowest since February 2024. This drop resulted in liquidations exceeding $20 million.
The decline in Pepe Coin coincided with market instability triggered by President Donald Trump’s announcement of new tariffs on China. This move led to more than $19 billion in liquidations and over $500 billion in total market losses.
As the value of Pepe Coin fell, whale investors seemed to be reducing their stakes. Data shows that over 1.5 trillion coins were sold by these large holders between September 26 and the previous Friday, anticipating a price drop.
Retail investors also participated in the sell-off, offloading over 2 million coins, and now possess 1.67 trillion coins, a decrease from 3.17 trillion in September.
Risk Patterns in Pepe Coin Price Prompt Whale Exits
A key factor driving the sell-off among whales and investors is the emergence of two risky patterns on the daily timeframe chart.
The most recent formation is a descending triangle pattern with its lower boundary at $0.0000091, connecting the highest points since May 22 of this year.
Moreover, a notable head-and-shoulders pattern has been forming since May. The peak of this pattern corresponds to the all-time high of $0.00002821.
The left and right shoulders are positioned at $0.000016, representing the highest points from both May of this year and last year. The neckline is set at $0.0000056, the lowest level seen since March and April of this year, as well as August and September of the previous year.
This situation suggests that Pepe’s price may continue to decline in the coming weeks, with an initial target at the year-to-date low of $0.0000038, followed by a target of $0.0000020.