$PEPE
🚨 Pepe Coin Price is At Risk as Smart Money Investors Sell 🚨
Pepe Coin price has dropped by 70% from its highest point in 2024, mirroring the performance of other meme coins. This crash has coincided with increase token sales by smart money investors, who are seen as being more experienced than retail investors. In most cases, these investors sell coins at their peak and start to accumulate before the retail buyers do.
Nansen tracked just 17 smart money holders on May 7, down from 32 in November last year. These holders have continued to exit their positions as the price dropped. The remaining ones now hold 2.79 trillion Pepe tokens, down from 3.7 trillion in November last year and 4.24 trillion in June.
One possible reason for this is that Pepe is the second biggest meme coin on Ethereum after Shiba Inu. Investors have largely sold off these coins as the Ethereum price has plunged from over $4,000 last year to $1,800 today. As such, more ETH weakness may trigger more Pepe sell-off in the coming months.
Another reason is that these investors sold their Pepe Coins and rotated to those in the Solana ecosystem. Just recently, top Solana meme coins like Fartcoin, Dogwifhat, and Bonk surged by double digits, attracting more smart money investors.