Pepe Coin Correction Prompts Over 1 Tln PEPE Dump, Bull Run Over?
Release: 2024/07/05 21:19 Reading: 365
- Original author：Coingape News Media
- Original source：https://coingape.com/?p=206097
Pepe Coin Market Correction Raises Investor Concerns
On July 5, concerns emerged among investors as Pepe coin experienced a price correction, accompanied by indications of a significant market shift.
Recent data showed that over 1 trillion PEPE was transferred to exchanges, resulting in a nearly 12% decline in the meme coin's value. This substantial dump occurred amidst a bearish market, causing a dramatic shift in market sentiment.
Massive Exchange Dumps Fuel Bearish Outlook
According to on-chain data, two whales dumped a combined 1.02 trillion PEPE to a crypto exchange. Whale address 0xf22 deposited $3.86 million worth (435 billion PEPE) into Binance, while market maker Wintermute sold $4.61 million (593.6 billion PEPE).
These transactions created significant selling pressure on Pepe coin. The influx of supply on exchanges has stoked bearish sentiment, eroding confidence in the asset's future prospects.
Market Dominates in Red Territory
As of the correction, Pepe coin continued to trade primarily in the red zone, indicating a negative market trend.
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