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Pepe coin (PEPE) has experienced a significant drop in value, losing nearly 10% in the past week due to the downward trend in the cryptocurrency market. According to the latest data shared by crypto analysis platforms, Pepe coin has seen an acceleration in value losses, accompanied by a significant increase in PEPE trading on cryptocurrency exchanges.
Losses Approach Double Digits
The cryptocurrency market has witnessed a downward momentum in the past week, following Bitcoin‘s decline to $25,400. During this period, most altcoins recorded substantial value losses. The total market capitalization of the crypto ecosystem has dropped to $1.04 trillion, according to CoinMarketCap (CMC) data.
Pepe coin is among the cryptocurrencies that have experienced high losses during this period. It has dropped by nearly 10% and is currently trading at $0.00000078.
Furthermore, Pepe coin has entered the top 100 cryptocurrencies with the highest percentage loss in the past week, according to CoinMarketCap (CMC) data. Following the recent decline, Pepe coin’s total market capitalization has also decreased to $306.77 million.
Will the Decline Continue?
In addition to the recent value losses of Pepe coin, addresses holding significant amounts of cryptocurrency, known as “whales” in the crypto ecosystem, have transferred large amounts of crypto to exchanges. Lookonchain, an on-chain data analysis platform, shared updated data on three different transactions that occurred within the same day.
According to Lookonchain’s data, 1.5 trillion PEPE tokens were sent to Binance exchange by three different addresses. Lookonchain emphasized that these three wallet addresses may belong to the same investor.
