As the total cryptocurrency market cap slipped 2 percent to about $2.5 trillion on Thursday, the frog-themed meme coin, Pepe (PEPE), continued with the recent correction in the past 24 hours. According to the latest crypto oracles, Pepe’s price has dropped more than 20 percent in the past three days, and it traded around $0.0000135 on Thursday during the mid-London session.
The mid-cap meme coin, with a fully diluted valuation (FDV) of about $5.6 billion and a daily average traded volume of around $1.5 billion, is still a favorite among most crypto investors.
Moreover, Pepe’s price has rallied more than 1,000 percent year-to-date (YTD) and enjoys deep liquidity on several exchanges and DeFi protocols.
PEPE Whales on a Dumping Spree
After an impressive performance YTD, Pepe whale holders have been identified as taking profits on different crypto exchanges. Furthermore, a market pullback was inevitable on Pepe after outshining Bitcoin and other altcoins in recent months. Additionally, early Pepe investors are distributing their profits to other potentially bullish meme coins since the crypto bull run is still in the early stages.
According to an on-chain data analysis by Lookonchain, a crypto investor deposited over 660 billion pepes, worth over $9.5 million, into Binance. Interestingly, the crypto investor profited about 52 percent after holding for the past month.
Midterm Targets
From a technical standpoint, Pepe’s price could continue to drop in the coming days, especially if Bitcoin bulls fail to defend the support level around $67k. Pepe’s weekly Relative Strength Index (RSI) has already slipped below the 70 level, indicating the bullish sentiment is gradually fading away.
However, if the buyers defend the current support level, Pepe’s price could easily rally to a new all-time high.
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