Pepecoin (PEPE) has seen a significant drop of nearly 45% after hitting a peak of $0.00000431 on Friday with a market capitalization of $1.8 billion. This drop is likely due to traders taking profits on their positions or using advanced trading strategies following the introduction of pepe-tracked futures. These profits are likely being converted into ether (ETH), which has hit an all-time high in deposits to exchanges since November 2021. On-chain analytics firm Santiment believes that the increasing number of ether deposits could be stemming from traders taking profits on their pepe positions. While some traders have made significant profits from investing in pepe coins shortly after their issuance, analysts have raised concerns about the behavior of investors who bought large amounts of PEPE after its issuance, which could pose a risk to the short-term future of the meme coin.
(By Shaurya Malwa)
Related News:
Pepe’s Sudden Drop Leaves Whale 500k in the Red
PEPE Whale Transfers 4.23 Trillion Coins To Binance
PEPE Whale Takes $540,000 Paper Loss in Two Days as Token Plunges Over 30%
PEPE Listing on Binance Sparks Volatility in Memecoin Market
On-Chain Investigation Reveals Deflationary Nature of PEPE Meme Coin
All Comments