Pepe Price Dumps Over 11% Fueled By Accelerated Whale Dump
Pepe, a frog-themed meme coin, has experienced a significant price drop in the past 24 hours, dropping over 20% in the past three days.
With a fully diluted valuation of $5.6 billion and a daily average traded volume of around $1.5 billion, Pepe remains a favorite among crypto investors. Its price has rallied over 1,000% year-to-date and enjoys deep liquidity on several exchanges and DeFi protocols.
Pepe whale holders have been identified as taking profits on different crypto exchanges, and early investors are distributing their profits to other potentially bullish meme coins.
An on-chain data analysis by Lookonchain revealed that a crypto investor deposited over 660 billion pepes, worth over $9.5 million, into Binance, profiting about 52% after holding for the past month.
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