Pepe Coin Plummets 18% Amid Whale Sell-Off

Pepe Coin, a once-popular meme coin among traders, has experienced a significant decline in value over the past week, shedding 18% of its price. The primary driver behind this sell-off is a large-scale whale sell-off, where a single wallet dumped 2.2 trillion PEPE tokens over the past 10 days. This massive liquidation, which included a 600 billion token sale on June 18, worth approximately $6.04 million, has triggered a self-reinforcing cycle of downward momentum in the low-depth meme coin market.

Such significant liquidation activity often triggers algorithmic sell orders and contributes to a self-reinforcing cycle of downward momentum, especially in low-depth meme coin markets like PEPE. The technical indicators for PEPE have also deteriorated rapidly. The price broke below its 50-day Simple Moving Average (SMA) and 200-day SMA, wiping out crucial support zones. The Moving Average Convergence Divergence (MACD) histogram flipped negative, confirming a rise in bearish momentum. The Relative Strength Index (RSI) fell to 33.54, approaching but not yet hitting oversold levels, suggesting room for further decline before a technical bounce is likely. These signals paint a bearish short-term picture, and without a meaningful reversal, the path of least resistance appears downward.

The broader crypto market environment is also unfavorable for altcoins like PEPE. Bitcoin dominance rose to 65.02%, reflecting capital rotation away from high-risk assets toward BTC amid macro uncertainty. The global crypto market cap fell by 2.1%, and meme coins, in particular, bore the brunt of risk-off sentiment. The Fear & Greed Index dipped to 40, down sharply from 73 in May, underscoring fading retail enthusiasm. Despite a rise in 24-hour trading volume to $805 million, the flows were predominantly sell-side, evidenced by increased long liquidations across major exchanges.

With momentum weakening and sell pressure intensifying, PEPE may continue its descent unless whale activity stabilizes or reverses, technical indicators signal a clear bottom, or market sentiment rebounds broadly. For now, investors should monitor the $0.0000100 psychological level as a potential next support zone. A break below could open the door to retests of lower price ranges not seen since early Q2 2024.