PEPE has crashed! Down 18% in a week, who has been selling off so heavily?
The meme coin PEPE has been struggling lately, with a drop of 18% in a week. Who did this?
The answer revealed: Whales directly dumped 2.2 trillion coins, equivalent to 0.5% of the circulating supply! One wallet alone threw away 600 billion coins on June 18, losing 3.5 million dollars—a classic case of 'cutting losses to exit'.
This wave of selling has directly collapsed the technical chart:
Price has plummeted past the 50-day and 200-day moving averages
MACD has turned green, bearish momentum is intensifying
RSI has dropped to 33, and there is still room for downward movement in the technicals
Moreover, it’s not just PEPE that’s taking hits—Bitcoin's dominance has soared to 65%, with funds fleeing from high-risk assets, entering 'risk-off mode', and the entire meme sector is following suit.
Worse still: although trading volume has increased by nearly 18%, it’s mostly due to sell-offs.
This surge in heat has cooled off, dropping from a greed index of 73 in May to just 40 now, as the 'meme bubble' is being punctured by reality.
If PEPE cannot regain key support in the short term, it is likely to continue falling. The bulls need to bring some solid support quickly.
Are you still in the ride? Or have you jumped off early? Feel free to leave a comment about your operations!
