Pepe Coin (PEPE), which at one point reached the top 20, is having a tough time. While its price fell 80% from its peak, its founder Matt Furie began to empty his reserves. The altcoin is currently in freefall on all time frames.
PEPE founder emptied all of his reserves in the market
According to Etherscan data, founder Matt Furie converted all of his PEPE reserves into cash in the past hours. Furie, who made a profit of $ 564,000, did not have a single altcoin left in his wallet. Pepe, which debuted in April, has recorded one of the biggest meme token bulls since Dogecoin. It returned over 4,200% in a short time, but things have been turning around lately.
According to on-chain data, Furie made a profit of 342,535 ETH ($564,000) by selling 726,351,477,419 PEPE he held today. It appears that Matt_Furie’s PEPE holdings come primarily from donations from Pauly, the founder of Not Larva Labs, an NFT marketplace. Sell-offs aside, the popular altcoin is currently facing whales of selling pressure.
PEPE is losing interest from altcoin whales
A major incident surrounding PEPE occurred when three wallets, presumably owned by the same person, deposited 1.5 trillion PEPE (equivalent to $1.2 million) to Binance, incurring losses of $242,000. These wallets had initially withdrawn 1.5 trillion altcoins from OKX (valued at $1.45 million at the time) following the Pepe team’s significant sale on August 24. These moves raise questions about some whales’ confidence in the token’s future.
The impact of such whale activities on the meme-coin market is quite large. They can also influence the decisions of other investors. The fact that large shareholders chose to sell at a loss indicates that the possibility of recovery for the altcoin is low. PEPE is currently heading towards new lows in terms of price.
Since August 14, the altcoin price has lost a significant 44.5% in value. During this period, PEPE exhibited multiple lows and lower highs. This trend reflected a growing sense of pessimism among investors. Additionally, the RSI is currently at 47.80. This shows that the momentum in the price is in favor of the sellers.
Network activities are also on a downward trend
Moreover, PEPE’s network growth decreased significantly last week. This shows that new addresses are not interested in memecoin. Additionally, the rate at which PEPE is traded has dropped significantly. This slowdown in operations may have a lasting impact on PEPE’s future performance in the market. This raises concerns about the long-term sustainability of PEPE.
As Kriptokoin.com reported, PEPE was one of the altcoin projects that lost the most value in recent weeks. Current metrics suggest the decline will continue along with apathy.
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