Once a speculative favorite among meme coin traders, PEPE now finds itself under strong selling pressure amid eroding investor confidence.

Whale dumping triggers panic selling

The main catalyst for the price crash of PEPE is the large-scale sell-off by whales. According to Lookonchain data, one wallet dumped 2.2 trillion PEPE tokens over the past 10 days, which amounts to approximately 0.5% of the circulating supply. This includes the sale of tokens worth 600 billion on June 18 for approximately $6.04 million, realized at a loss of $3.5 million, as reported by CryptoFrontNews.

Such significant liquidation activity often triggers algorithmic sell orders and contributes to a self-reinforcing cycle of downward momentum, especially in low-depth meme coin markets like PEPE.