Whales dumped 1.5 trillion tokens before the Pepe Coin price crash
Pepe Coin price crashed to a multi-month low, leading to a surge in liquidations as the crypto market dived.
- Pepe Coin price crashed to a multi-month low amid the crypto market crash.
- Whales and smart money investors have been dumping their tokens.
- The coin has been forming two key risky patterns on the daily chart.
Pepe (PEPE), a popular meme coin on the Ethereum (ETH) ecosystem, plunged to a low of $0.0000388, its lowest level since February 2024. This crash led to over $20 million in liquidations.
Pepe’s crash coincided with the turbulence in the crypto market after President Donald Trump unveiled new tariffs on China. This announcement resulted in over $19 billion in liquidations and more than $500 billion in total losses across the crypto market.
The Pepe Coin price crash happened at a time when whales were reducing their exposure to the coin. Data shows that whales sold over 1.5 trillion coins between September 26 and last Friday, a sign that they expected the price to plunge.
The same happened among investors, who dumped over 2 million coins. They now hold 1.67 trillion coins, down from 3.17 trillion in September.
Pepe Coin price risky patterns explain the whale sell-off
A potential reason why whales and so-called “smart money” investors sold their Pi coins is that it has been forming two risky patterns on the daily timeframe chart.
The most recent pattern is the descending triangle pattern, whose lower side was at $0.0000091. Its diagonal line connects the highest swings since May 22 this year.
Most notably, the coin has been forming a giant head-and-shoulders pattern since May. The head section of this pattern was the all-time high of $0.00002821.
The right and left shoulders are at $0.000016, the highest point in May this year and last year. Additionally, the neckline was at $0.0000056, its lowest level since March and April this year, as well as August and September last year.
Therefore, the most likely scenario is that the Pepe price will continue to fall in the coming weeks. The initial target will be the year-to-date low of $0.0000038, followed by $0.0000020.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
What signals emerged from the latest Fintech conference held by the Federal Reserve?
The Federal Reserve held its first Payments Innovation Conference, discussing the integration of traditional finance and digital assets, stablecoin business models, applications of AI in payments, and tokenized products. The conference introduced the concept of a "streamlined master account" aimed at lowering the threshold for crypto companies to access the Federal Reserve’s payment systems. Participants believe asset tokenization is an irreversible trend, and that AI and blockchain technology will drive financial innovation. The Federal Reserve views the crypto industry as a partner rather than a threat. Summary generated by Mars AI. The accuracy and completeness of this summary are still being iteratively updated by the Mars AI model.
On the Eve of Peso Collapse: Argentinians Use Cryptocurrency to Preserve Their Last Value
Due to economic turmoil and foreign exchange controls, Argentinians are turning to cryptocurrency arbitrage, profiting from the difference between stablecoin rates and official or parallel market exchange rates. Cryptocurrency has shifted from a speculative tool to a means of protecting savings. Summary generated by Mars AI. The accuracy and completeness of this summary are still being iteratively improved.
Uniswap v4 Accelerates Launch: Brevis Drives the Next Wave of DeFi Adoption
Uniswap v4 introduces Hook and Singleton architecture, supporting dynamic fees, custom curve logic, and MEV resistance, which enhances trading execution efficiency and developer flexibility. Aggregators face integration challenges and need to adapt to non-standardized liquidity pools. Brevis’s ZK technology provides a trustless gas rebate, accelerating the adoption of v4. Summary generated by Mars AI. This summary was generated by the Mars AI model, and the accuracy and completeness of its content are still being iteratively updated.
US September CPI falls short of expectations across the board, Fed rate cut is a certainty
CPI confirms the trend! U.S. core inflation unexpectedly eased in September, making an October rate cut almost certain. Traders are increasingly betting that the Federal Reserve will cut rates two more times this year...
Trending news
MoreCrypto prices
More
