Pepecoin whales gradually reduce their holdings
NAIROBI (CoinChapter.com) - Pepecoin surged 1,26% in May, and charts from blockchain data analytics firm Santiment show that large holders, or "whales," are gradually reducing their Pepecoin holdings. The cryptocurrency market is experiencing a green wave, and memecoins are leading this bull run. Pepecoin remains the best performer, with significant growth. This raises questions about its future: Can Pepecoin reach a market cap of $10 billion, or is a correction imminent?
In the past three months, the price of PEPE has risen from $0.0000065 to $0.00001486, a gain of 128%. This surge has attracted widespread attention from investors and traders. During this rise, entities holding more than 1 billion PEPE coins are reducing their holdings.
According to data from Santiment, the supply of Pepecoin held by whales (wallets holding more than 1 billion tokens) has been steadily declining. These large holders appear to be either reallocating funds across multiple wallets or selling part of their holdings to take advantage of price increases.
Pepecoin (PEPE) is facing a major market correction. Its price has fallen by 6.86% in the past 24 hours, bringing its current value down to $0.00001486. This decline occurred on a high trading volume of $2 billion and an increase of 21.19%, indicating that market volatility has increased and early investors may be taking profits. The decline has caused concern among investors, especially considering the recent activity of Pepe whales.
Despite the price drop, Pepecoin’s market cap remains relatively stable at $6.2 billion. This suggests that people remain confident in the long-term potential of this meme coin. However, the recent price drop and high trading volume may indicate a shift in market sentiment, which could signal the beginning of a bearish trend.
Pepecoin’s on-chain data shows whale activity
Despite Pepe’s price surge, on-chain data from Spot On Chain shows significant activity involving the token. The Pepe development team has been selling large amounts of Pepecoin, which is often a precursor to price declines. Since the end of February, the team has sold 282.8 billion Pepecoins ($2.28 million) on Binance and decentralized exchanges (DEXs) at an average price of $0.000008067.
Recently, when the token’s price surged by 134% in 30 days to a new all-time high, the development team sold 21.49 billion Pepecoins ($355,000) on Binance and DEX. Currently, the team holds 252 billion Pepecoins ($42.7 million).
Undoubtedly, this whale activity raises questions about the sustainability of the Pepe bull run. While the memecoin’s market cap is close to $10 billion, a 57% increase to its current price is needed to achieve this milestone. In the event of a reversal after a retest of demand, Pepe has the potential to reach a price of $0.00002377 in June. However, the actions of whales can introduce volatility and uncertainty.