PEPE Slips 27.5% From All-Time High, Waking Up Major Players

  • Nascent crypto hedge fund ‘buys the dip’ with a $5.45M PEPE acquisition.
  • PEPE clings to over $1 billion in daily trading volume, surpassing DOGE.
  • PEPE coin’s negative Chaikin Money Flow hints at decreased interest.

Pepe, the most successful meme coin Year-To-Date (YTD), has made its way to the TOP 25 by global crypto market cap, boosted by over $1 billion in daily trading volume on the Spot and Derivatives markets.

PEPE Holds onto High Daily Trading Volume

Claiming a third all-time high in two months at $0.00001717 on May 27, 2024, PEPE entered market correction and has retraced 27.5% over the past two weeks. Despite the hefty correction, a whopping 85% of current PEPE coin holders are making a profit at the current price range, according to IntoTheBlock.

This serves as a favorable setup for Pepe’s northward expansion if traders show a renewed interest in the token. Whilst the general crypto markets saw plummeting trading volumes on Monday, PEPE remained the leading meme coin by trading volume.

With $824,852,868 over the past 24-hour period, PEPE’s cooled-off trading volume on Spot still almost doubled Shiba Inu’s $444 million. The leading meme coin by market capitalization, Dogecoin (DOGE), fetched $172 million less at $653 million, according to CoinPaprika.

Capital Funds & Major Players Top Up on PEPE

Amidst the ongoing PEPE price plunge, crypto whales have stepped back into the ring and acquired massive amounts of the token. Venture capital firm Nascent bought 447.67 billion PEPE tokens for $5.45 million. According to LookOnChain, the massive buying spree occurred when Pepe dropped over 9% to $0.0000305.

As of press time, PEPE slumped further to trade at $0.00001239. However, the meme coin remained stable over the past 24 hours with no price change. Upon further research by DailyCoin, it was established that Nascent’s crypto portfolio now holds PEPE as its top asset, next to $2.93M worth of MakerDao (MKR) and popular stablecoins.

On the Flipside

  • The 18% drop in a 7-day period can also be ascribed to decreased interest in Derivatives markets. 
  • On Monday, PEPE Derivatives volume plummeted by 24.5% to $700 million, according to CoinGlass.
  • PEPE coin (PEPE) short position holders faced twice as many liquidations at $1.41M out of $2.17M.

Why This Matters

PEPE coin has proven to be one of the most demanded cryptocurrencies in 2024, competing with the largest alternative cryptocurrencies by trading volume.

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Written by on 2024-06-10 18:00:00.

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