Pepe (PEPE) Meme Coin Loses Key Support and Is Poised for a Massive Price Drop

During the ongoing bearish market sentiment, Pepe (PEPE), the world's third-largest meme coin, has lost its key support and is poised for a massive price drop.

Pepe (PEPE), the world’s third-largest meme coin, is on the verge of a massive price drop as it lost a key support level, while an OG PEPE holder has been dumping billions of tokens, blockchain-based on-chain analytics firm Lookonchain reported on Wednesday.

According to Lookonchain, a crypto whale sold 150 billion PEPE tokens for $1.14 million on Binance in the past five hours. So far, this whale has sold 1.02 trillion PEPE meme coins for $6.66 million, making a total profit of $10.3 million, or 4,718x.

This OG investor spent only $2,184 to buy 1.5 trillion PEPE tokens during the early stages. However, due to bearish market sentiment and a continuous price decline, the whale has begun selling its massive holdings.

This OG bought 1.5T $PEPE in the early stage for $2,184, which reached a peak of $43M.

He sold 1.02T $PEPE for $6.66M and still has 493B $PEPE, which is about $3.64M.

With a total profit of $10.3M(4,718x), it seems he has no plan to stop. https://t.co/tyzLr10sGj pic.twitter.com/FD6fFpyqCi

PEPE is currently trading at $0.0000073 and has seen a decline of 5.50% in the past 24 hours. During the same period, its trading volume dropped by 25%.

According to technical analysis, PEPE appears bearish after a massive price decline. The meme coin’s four-hour chart reveals that PEPE has been moving in an ascending channel pattern, but with the recent price drop, it breached the lower boundary of the channel and closed a daily candle below that level.

Moreover, if the meme coin remains below the $0.0000075 level, there is a strong possibility it could decline by 20% to reach the $0.00000585 level in the future. However, if the bulls manage to push PEPE above the $0.0000108 level, it could signal a 30% rally to the $0.000014 level.

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