Frog-themed meme crypto Pepe Coin’s price is facing alarming pressure amid the current volatile trend brewing in the broader cryptocurrency sector. It is now further intensified due to a massive whale selloff. On-chain data on Saturday revealed that an institution offloaded a whopping 175 billion tokens to Binance, bringing further selling pressure to the asset amid market turmoil. PEPE is currently down 35% weekly, and chances are that further loss of value may be witnessed ahead due to broader market trends.
Institution Dumps 175B Tokens Ringing Alarms For Pepe Coin’s Price
According to data by Lookonchain, as of February 8, Nanscent sold a staggering 175 billion PEPE worth $1.5 million by dumping it into Binance. Notably, this selloff marks the institution’s last dump for the token, as it has offloaded all its holdings for the same.
Intriguingly, Nanscent sacked a staggering 608.85 billion tokens between June 6 and July 15, 2024, for $7.73 million. Thereafter, the institution began selling on November 13 of last year, when Pepe Coin’s price rocketed.
However, it’s worth mentioning that the top meme coin sector’s dynamic nature caused the institution to miss the optimal selling point, resulting only in a profit of $348K. Nevertheless, as the renowned entity dumped all holdings for this token, market watchers remain cautious about future movements amid declining market interest.
Macroeconomic Developments Bring Further Uncertainty
Meanwhile, it’s worth considering that the broader crypto market struggles primarily due to macroeconomic events. The market witnessed turmoil this week as Donald Trump announced new tariffs on Canada, Mexico, and China. However, despite Trump pausing the tariffs on Canada and Mexico for 30 days, the market has yet to recover.
Some traders and investors continue to eye a bearish run for the market in the next couple of months, given prices haven’t recovered and tariffs are to resume in 30 days. As a result, even Pepe Coin price is poised to tackle volatility, raising concerns among market participants further fueled by the massive dump mentioned above.
Can PEPE Price Withstand Pressure?
Usual market sentiments convey immense bearishness in light of such massive selloffs, given the rise in supply pressure and flagging a loss of confidence in the asset. Moreover, the broader market volatility has injected further negative sentiments among investors as prices trade sluggishly.
As of press time, Pepe Coin’s price lost nearly 1.5% and is resting at $0.000009046. The meme coin’s 24-hour low and high were $0.000008482 and $0.000009809, respectively. Further, the weekly chart for the asset illustrated a 35% crash. As mentioned above, this slumping action aligns with the broader trend and the massive selloff.
Coinglass data indicated the meme coin’s futures OI slipped 2.5% to $246.59 million, underlining the reducing market interest in the asset. Liquidation for the same totaled $3.72 million in the past 24 hours.
A recent PEPE price analysis by CoinGape further revealed that the key support is at $0.000006730. The token currently trades substantially above this level. Crypto market watchers continue to monitor the price action for further shifts, taking an uncertain stand on future movements amid riveting market dynamics due to broader trends.
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