Pepe Coin (PEPE), which has reached the top 20 at one point, is having a hard time. Its price fell 80% from its peak, while its founder, Matt Furie, began to drain his reserves. The altcoin is currently in free fall on all timeframes.
PEPE founder dumps all of his reserves in the market
According to Etherscan data, founder Matt Furie converted all of his PEPE reserves into cash in the past hours. Furie, who made a profit of $ 564,000, did not have a single altcoin left in his wallet. Pepe, which debuted in April, has recorded one of the biggest meme token bulls since Dogecoin. It returned over 4,200% in a short time, but things have been turning around lately.
According to on-chain data, Furie sold 726,351,477,419 PEPEs it held today, making a profit of 342,535 ETH ($564,000). The PEPE in Matt_Furie’s hands appears to come primarily from donations from Pauly, the founder of Not Larva Labs, an NFT marketplace. Sales aside, the popular altcoin is currently facing selling pressure on its whales.
PEPE loses interest from altcoin whales
A major event surrounding PEPE occurred when three wallets, presumably owned by the same person, deposited 1.5 trillion PEPE (equivalent to $1.2 million) on Binance, resulting in a loss of $242,000. These wallets initially pulled 1.5 trillion altcoins (worth $1.45 million at the time) from OKX, following team Pepe’s pivotal sale on August 24. These moves raise questions about the confidence some whales have in the token’s future.
The impact of such whale activities on the meme-coin market is quite large. They can also influence the decisions of other investors. The fact that large shareholders chose to sell at a loss indicates that the possibility of recovery for the altcoin is low. PEPE is currently heading towards new lows in terms of price.
Since August 14, the altcoin price has lost a significant 44.5% in value. During this period, PEPE exhibited multiple lows and lower highs. This trend reflected a growing sense of pessimism among investors. Also, the RSI is currently at 47.80. This shows that the momentum in the price is in favor of the sellers.
Network activity is also on a downward trend
What’s more, PEPE’s network growth has decreased significantly over the past week. This shows that the new addresses are not interested in memecoin. Also, the trading speed of PEPE has dropped significantly. This slowdown in operations could have a lasting impact on PEPE’s future performance in the market. This raises concerns about the long-term sustainability of PEPE.
cryptokoin.com As we reported, PEPE was one of the altcoin projects that lost the most value in recent weeks. Current metrics suggest the decline will continue along with apathy.
