PEPE price falls 35% from December ATH amid whale profit-taking
Whale sell-off hits PEPE hard
One of the most popular memecoins of 2024, PEPE, is struggling to maintain its position after reaching an all-time high (ATH) in December. However, its performance has been disappointing as whales rush to secure their profits.
Over the past 24 hours, PEPE has dropped more than 11% in value and is trading at $0.000018 at the time of writing. The 30-day decline exceeds 27%, and compared to the ATH recorded on December 9, the drop is 35%.
The current correction in the cryptocurrency market is attributed to macroeconomic factors, but recent data highlights significant whale sell-offs of PEPE.
According to Spot On Chain, one major PEPE holder sold 427 billion PEPE, worth $8.45 million, on the Kraken exchange over the last 48 hours.
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“A smart whale deposited 217 billion PEPE ($4.54 million) to Kraken 5 hours ago, likely securing another profit of $767,000 (+20%) in just 17 days.
The whale still holds 1.21 trillion PEPE ($25.1 million across two wallets) and has an additional $4.05 million in unrealized profit,” Spot On Chain reports.
Interestingly, earlier in 2024, the same whale earned $11.39 million from selling PEPE at a 57% profit.
Trading volume declines amid rising social dominance
This trader is now considered the main driver of the current price drop for the memecoin, with fears that their sell-off could continue.
As Bitcoin and major altcoins also see a decline, PEPE's daily trading volume on Tuesday dropped to $1.4 billion, compared to $18 billion in November—its lowest level in two months.
Data from LunarCrush shows a slight increase in social dominance, but the levels remain significantly below last year’s peak. Lower trading volume coupled with social media chatter may indicate waning interest in the meme.
On the other hand, whale sell-offs could signal cash accumulation for major purchases and another potential rebound.
Pepe (PEPE) is currently trading at $0.00002111, having broken the floor of its rising trend channel in the medium to long term.
This signals a potential weakening of the bullish trend and raises concerns about further declines. A head and shoulders formation is under development, which is typically a bearish indicator.
