Key Insights:
- Over 1 trillion PEPE tokens were dumped by whales in 24 hours, worth nearly $7 million.
- Cumberland and B2C2 moved hundreds of billions of PEPE tokens to Robinhood and Binance.
- PEPE has plunged 70% since January, reflecting rising fear across meme coin investors.
Pepe Coin price faced intense selling pressure as whales offloaded over 1 trillion tokens in one day. The dumped amount was valued at nearly $7 million, causing concern among retail investors. According to Lookonchain data shared on April 9, a single whale sold 723.67 billion PEPE for 4.63 million DAI. The selling trend coincides with broader market weakness, sparking fears that the token may break below the $0.000005 level.
Whale Dump Intensifies Amid Market Downturn
PEPE price surged 16% to $0.000006951 in the last 24 hours with the trading volume rallying over 80%. The meme coin price touched a low of $0.000005814 and a high of $0.000007101 during the day. However, Lookonchain data highlighted a major transaction involving a whale who swapped 723.67 billion PEPE for DAI. This was the largest individual sale recorded that day.
The whale’s move triggered a domino effect. Other large holders followed suit, increasing the token supply on exchanges. This shift led to heavier selling pressure. Over the past week, PEPE price has dropped more than 9%. Since January, it has plunged 70%, falling from $0.00002. These declines have raised red flags for investors.
Wider crypto market uncertainty has further impacted sentiment. Macroeconomic developments, including rising U.S. tariffs, have amplified risk aversion. With declining confidence and increased supply, PEPE price continues to rally in the near term.
Cumberland and B2C2 Move Billions of PEPE Tokens
Notably, large institutional players joined the sell-off. Spotonchain revealed that Cumberland deposited 247 billion PEPE tokens to Robinhood. Similarly, B2C2 moved 163 billion tokens to Binance. These two transactions alone accounted for 410 billion PEPE being placed into liquidity pools.
Institutional actions often influence retail trends, and the movement of such volumes suggests lowered expectations.
These transactions were recorded on-chain, confirming the scale and timing of the exits. The selling was not limited to one wallet, showing that multiple players viewed this as an ideal exit point.
Moreover, such activity raises questions about PEPE’s near-term outlook. The increase in tokens on centralized exchanges also adds selling pressure.
Due to lower usage and fewer active users, this could lead to more pronounced losses. These developments signal a shift in institutional risk appetite toward meme coins.
PEPE Coin Price Technical Indicators Signal Continued Bearish Pressure
PEPE’s technical chart structure showed a strong bearish setup. The meme coin price fell below its $0.0000065 support line. The latest low at $0.000005814 indicates further weakness. Momentum indicators such as RSI show no bullish divergence, which means the selling trend remains intact.
Pepe Coin price remains below both the 50-day and 200-day moving averages, indicating the downward trend is well-established.
A descending resistance line has formed since mid-March, reinforcing a ceiling near $0.000007. Failed attempts to break this trendline have signaled exhaustion.
Volumetric analysis shows red candles dominating, suggesting more sell orders than buy orders.
There has been no meaningful recovery so far. Additionally, the number of active wallets and new user addresses is declining.
PEPE’s Volatile Rebound Sparks Doubts
However, crypto analyst Chandler is bullish for PEPE price, arguing that the market sentiment has suddenly flipped from bearish to bullish. Thus, after a few days of consolidation, PEPE price went up, and the meme coin reached $ 0.0000068791. Chandler’s analysis highlighted traders’ transition from the perception of the fact they should have sold at the top to the notion that they missed out at the bottom.
Chandler’s commentary perfectly mirrors the market trend. In the case of a rapid growth of higher time frames, fear of missing out (FOMO) substitutes hesitation almost immediately.
However, there is a possibility that risks remain even if the move seems impressive. Consequently, PEPE price might be prone to profit-taking due to prior weakness and global markets’ instability.
Disclaimer
In this article, the views and opinions stated by the author or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
