Will the Price of Pepe Coin Rise Again After the Drop Due to Whale Activity?

Bittime - The price of Pepe coin (PEPE) experienced a decline this week. This is in contrast to the positive trend of the cryptocurrency market as a whole. This decline was caused by selling pressure from large investors (whales) who previously bought large amounts of Pepe coins. 

As a result, the price of Pepe coin fell 18.8% to $0.00000943, yesterday. Currently the price of Bitcoin is around $67,000, and the price of the Pepe coin is at a crossroads, whether it will go up again or even fall further.

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Previously, the price of Pepe coin was experiencing a steady increase thanks to a short-term positive trend. This trend succeeded in lifting the price of Pepe coin from $0.00000393 to an all-time high of $0.0000161, or an increase of 195%.

Also read: Pepe (PEPE) Price Prediction: Will it Increase by 200% in 2024?

However, the increase stopped because the price met resistance (upper limit of price movement) at $0.0000108. As a result, the price of Pepe coin fell back to $0.00000925.

PEPE Price Decline Triggered by Whale Activity

This price decline is thought to have been triggered by whale activity. According to blockchain data tracker Spot On Chain, recent transactions from a major Pepe (whale) coin investor have had a significant impact on the coin's price. 

Previously, a multisignature wallet (allegedly belonging to a large investor) with the code 0x1a2 moved 457.9 billion Pepe coins, worth around $4.54 million, to the Binance exchange. 

Also Read How to Buy Crypto:

This transaction, which was interpreted as an attempt by investors to avoid losses (stop-loss), caused the price of Pepe coin to fall by 6%.

Spot On Chain notes that this large investor has a history of poor trading decisions. Over the past 15 days, the investor has lost $717,000 (approximately 4.69%) on two separate Pepe coin transactions. 

Also read: This is the price prediction for Pepe Coin (PEPE) after soaring 145% in a week

Historically, the selling activity of these large investors often causes sharp price drops when they move large amounts of Pepe coins.

Despite this, the frog-themed meme coin is currently still above the previously mentioned support trendline. This means that the opportunity for price increases again still exists. 

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If the Bitcoin price can stay above $65000 and the Pepe coin price manages to stay above the support trend line, buyers have the potential to push the price up further to the $0.0000138 level, then continue to $0.0000167.

Latest PEPE Prices

Source: Bittime

PEPE prices have not increased in the last 24 hours. In fact, it was recorded that the price fell slightly again at 1.72%. Currently, PEPE is trading at IDR 0.14 or around $0.0000093.

How to Buy Pepe (PEPE) on Bittime

You can buy and sell Pepe (PEPE) in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

Pepe (PEPE) is available on Bittime with the market pair PEPE/IDR. To be able to buy PEPE IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn the complete guide on how to buy Pepe (PEPE) on Bittime. 

Monitor price chart movements of Pepe (PEPE), Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also read:

Price fluctuations of Pepe Coin (PEPE) due to whale transactions

Pepe Coin's Rising Popularity in the Crypto Market: Analysis of PEPE's Price and Market Strength

Pepe's Bullish Signal (PEPE): Price Analysis and Bullish Prediction Amid Fluctuating Markets

PEPE Memecoin Hits Record High

DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.