- PEPE’s supply on exchanges increased while its supply outside of exchanges declined.
- SHIB, however, registered a price uptick of more than 4% in the last 24 hours.
The latest altcoin bull rally seemed to have come to an end already, as most cryptos’ daily charts were in the red at press time. Pepe [PEPE] was also a victim of the latest price decline, as its declining value nullified last week’s gains.
Realistic or not, here’s PEPE market cap in BTC‘s terms
In fact, the latest data revealed that investors have already started to sell their assets in order to make profits. Apart from PEPE, Dogecoin’s [DOGE] value also registered a decline. However, it was interesting to note that at press time, Shiba Inu’s [SHIB] price was shooting up.
PEPE bears are taking over
After a comfortable bull rally, the good days for investors came to an end as the bears took over. As per CoinMarketCap, PEPE’s price declined by over 8% in the last 24 hours. At the time of writing, the memecoin was trading at $0.000001623 with a market capitalization of over $635 million.
To add to the disaster, Lookonchain’s tweet revealed that investors have already started to sell their holdings. As per the tweet, whale 0xa54d deposited 3.94 trillion PEPE, worth $7 million, to Binance to make a profit of around $650k.
As the price of $PEPE rose, whale”0xa54d” deposited 3.94T $PEPE ($7M) to #Binance to take a profit of ~$650K.
But another whale”0x37df” continued to accumulate 285B $PEPE ($504K) and currently holds 890.6B $PEPE ($1.56M), the average cost is ~$0.0000014. pic.twitter.com/SdPYYO1TGu
— Lookonchain (@lookonchain) July 14, 2023
A similar trend of sell-offs was also noted on Santiment’s chart. PEPE’s supply on exchanges increased while its supply outside of exchanges declined, suggesting high selling pressure.
Additionally, the memecoin’s exchange inflow spiked while its price started to decline, which was a bearish signal. Interestingly, whale activity remained high during the entire episode. Despite the hike in selling pressure, the total number of holders continued to rise.
Source: Santiment
The declining price trend might continue for longer as the memecoin’s 1-day price volatility registered an uptick. After a spike, PEPE’s MVRV Ratio also went down, further increasing the chances of a continued downtrend in the days to follow.
Source: Santiment
How much are 1,10,100 PEPEs worth today?
The meme battle is intense
Not only PEPE, but DOGE, the largest memecoin by market cap, also felt the heat. As per CoinMarketCap, DOGE’s price has declined by more than 2.5% in the last 24 hours. At press time, it was trading at $0.06926.
However, SHIB chose to move the other way, as its value was up by over 4% in the last 24 hours. Additionally, the memecoin was also the top traded token among the top 100 Ethereum [ETH] whales. At the time of writing, SHIB had a value of $0.000008326 and a market cap of over $4.9 billion.
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