When the calendars showed the year 2022, it was evident that the traces of the bull market had disappeared due to the Terra events and the FTX process. This period marked the final point of a series of events where the price of Bitcoin fell from over $69,000 to below $20,000. After the first months of 2023, the market started to rise again, leading to renewed interest in meme coins. In 2023, there weren’t as many meme coins as there are today, and the entry of PEPE into the market during a very stagnant period created a significant impact. As of today, PEPE seems to be hosting a long-term decline after its ATH seen in May.
PEPE Whales Take Action
PEPE was one of the cryptocurrencies most affected by the massive drop on August 4, falling from $0.000012 to below $0.00006. After this period, it recovered slightly and continued to consolidate in parallel with the market. Last week, PEPE once again tested the $0.00001 level, but today the decline continues.
Despite the decline, significant events occurred a few hours ago. A massive crypto whale transferred 9 trillion PEPE (approximately worth $64.5 million) from the Bybit exchange to their wallet. This situation aroused great curiosity in the market.
It is generally known that withdrawals from crypto exchanges to wallets reflect long-term expectations, which can encourage small investors and potentially trigger a rise.
More importantly, the wallet address owner made the transaction on a day when PEPE’s price dropped by 6.15%. On the other hand, when the wallet was examined, it was seen that PEPE constituted only 9% of the portfolio. As of the time of writing, the mentioned wallet contained over $700 million in cryptocurrencies (mostly stablecoins).
In the coming days, it remains to be seen whether this whale will make new purchases and whether the purchases made will turn into a profit.
PEPE’s ATH and Subsequent Events
Looking at PEPE’s current situation, it is reflected in the charts that the process has been deteriorating since last May. PEPE’s price has experienced a sharp decline since reaching its ATH of $0.00001718 at the end of May and is currently more than 58% away from its ATH.
PEPE’s price first fell below the 20-day EMA level at the beginning of June after the price decline and moved in this region for a while. Subsequently, over the past three months, it was seen that it lost all its averages, including the EMA 200.
As of the time of writing, PEPE is trading at $0.00000712, and the 6% drop it experienced in the last 24 hours has further distanced it from the mentioned levels. Meanwhile, PEPE’s market cap has once again fallen below $3 billion, while its trading volume has increased by 23% due to whale movements, rising above the $450 million mark.
Despite the declines, considering the purchases made, PEPE could potentially move to new ATHs in a possible bull season. However, it may also be beneficial for investors to follow the effects of economic events and geopolitical events around the world on cryptocurrencies to avoid potential declines.
