Pepe Plummets: Whales Flee, Memecoin in Freefall 🐸💸

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Ah, the whimsical world of cryptocurrency, where fortunes are made and lost faster than a frog can croak. Over the past day, Pepe [PEPE], that darling of the memecoin menagerie, has found itself ensnared in the tightening grip of bearish sentiment. The market, ever the fickle mistress, has turned its back on our amphibious friend, prompting the so-called “whales” to abandon ship—or rather, swamp.

According to the ever-vigilant Lookonchain, a Pepe whale, perhaps sensing the tides turning, has made a rather hefty deposit to an exchange. This leviathan of liquidity has offloaded a staggering 150 billion Pepe tokens, worth a cool $1.14 million. A paltry sum, you might think, until you consider that this same whale once spent a mere $2,184 to acquire 1.5 trillion tokens, now valued at $43 million. Ah, the sweet scent of irony.

So far, this whale has sold 1.02 trillion tokens, pocketing $6.6 million in the process. Not a bad day’s work, if you can stomach the moral ambiguity of it all.

But wait, there’s more! According to IntoTheBlock, whales have collectively sold over 2.95 trillion Pepe tokens in the past day. While this is a slight dip from the previous 4 trillion, the selling frenzy among the crypto elite remains alarmingly high. When the whales start to flee, it’s a sure sign that the waters are getting murky.

Such a mass exodus of large holders is a clear indicator of waning market confidence, a harbinger of bearish doom. This transaction, like a stone cast into a pond, is likely to ripple through the market, further tarnishing the memecoin’s already tarnished reputation.

Impact on price charts

As one might expect, this deluge of selling has left its mark on Pepe’s price charts. At the time of writing, the memecoin was trading at $0.00000719, a 6.5% decline on the daily charts. The weekly and monthly charts tell a similar tale of woe, with drops of 1.2% and 3.87%, respectively.

The continued decline has left long position holders in a rather unenviable position. One particularly unfortunate trader, who went long on PEPE with 10x leverage, is now down over $3.36 million. A cautionary tale, indeed.

Will the memecoin see more losses?

According to AMBCrypto’s analysis, Pepe is currently in the throes of strong bearish sentiment, with sellers firmly in control. This is evidenced by the RSI, which made a bearish crossover over the past day. Such a crossover suggests that aggressive selling is displacing buyers, leaving the memecoin in a rather precarious position.

Further evidence of this sell-side pressure can be found in Pepe’s positive spot netflow. According to Coinglass data, the memecoin’s netflow has turned positive, hitting $1.87 million for the first time in four days. This shift indicates that there is more exchange inflow than outflow, a clear sign of bearish sentiment.

In conclusion, Pepe is currently experiencing a perfect storm of bearish sentiment, with both whales and retailers closing their positions. This lack of confidence among market participants is likely to result in further losses for the memecoin. Prolonged selling activity could see Pepe drop below $0.0000070 to $0.0000069.

However, should buyers reenter the market, there is a glimmer of hope that the memecoin could reclaim $0.0000073. But for now, the swamp is looking rather dry. 🐸💨

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2025-03-30 17:14