$PEPE
🚨 Pepe Coin Price at Risk as Whales Dump Tokens 🚨
Pepe price is facing substantial selling pressure from large holders who are commonly known as whales. Data compiled by Santiment shows that the supply of Pepe tokens held by these investor stands at 148.7 trillion. That is a 41 trillion drop since these investors held 165 trillion token at its peak in February this year.
This increased selling likely explains why the token crashed by double digits from its highest level this year. Additional data indicates that the 90-day Mean Dollar Invested Age (MDIA) has been in a downtrend, suggesting increased selling.
Further, Pepe Coin price may be at risk now that Ethereum price has struggled to move to the psychological point at $2,000. Moving above $2,000 will be important for both ETH and meme coins in its ecosystem like Pepe and Shiba inu.
On the positive side, there are signs that the selling pressure is fading as the supply has held steady since April 24. Another positive for the Pepe Coin price is that the number of tokens on exchanges has dropped. It dropped from 255.81 trillion on Tuesday last week to the current 254.9 trillion. A drop in coin volume on exchanges is a positive sign, as it indicates that there is no significant buying pressure.