- PEPE’s on-chain liquidity shrinks after a monumental 2700% run last year.
- One Ether whale took home $802.5K in ETH after dumping 1.731T PEPE.
- PEPE faces new competition in the pink frog-themed Pepe Fork (PORK).
Pepe Token, the frog-themed memecoin that first made waves in the cryptosphere in May 2023, seems to be losing traction among the largest investors on the Ethereum network. Indeed, the once-popular Pepe’s mediocre price movement in 2024 has sent the coin down 35.8% in the first month of the year.
In response, some of the biggest crypto whales have started liquidating their PEPE holdings, taking profits along the way. To illustrate, the on-chain data analysis platform Spot On Chain has detected a monstrous 1.731T PEPE dump initiated by a whale who bought PEPE throughout April and May in 2023 for the approximate market value of ~$0.0000005406.
While spending $936K in total for this massive PEPE accumulation, the Ethereum whale liquidated his PEPE holdings, selling them for 742.6 Ethereum (ETH) at the approximate price of $0.000001004. Consequently, the crypto whale made a profit of $802.5K, yielding an 85.7% profit.
PEPE’s Liquidity Challenges Upon Intensifying Competition
As Ethereum whales are profiting, PEPE might face a serious challenge on the liquidity front.
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Standing at just above $12 million in combined on-chain liquidity, PEPE’s ability to push forward and rebound after trading in a parallel descending channel for a month highly depends on the community’s sentiment.
If PepeFork (PORK) succeeds in getting the attention of centralized exchanges (CEXs), the chances of PORK flipping PEPE by market cap are high. PORK has a market cap of $179,620,302, while PEPE stands at $380,881,853.
The combined PEPE order book shows a huge spike in trading activity, with both bids and asks for PEPE doubling up in the last 24 hours. According to blockchain research company CoinPaprika data, PEPE selling orders outweigh the bids by over a million.
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At press time, the #150 PEPE coin trades at $0.000000904, slipping further by 4.84% in the last 24 hours. PEPE has retraced 78.9% from its all-time high (ATH) set at $0.000004307 nine months ago.
On the Flipside
- The frog-themed memecoin PEPE is considered highly speculative, as it has no other utility cases besides trading.
- PEPE’s holder count on Ethereum has been slashed from 157,090 on January 18, 2024, to just 155,003 today, according to EtherScan.
Why This Matters
Quickly emerging memecoins tend to fluctuate in price. Still, the coin’s potential as a long-term investment can only be clarified after the initial hype fades and the market correction kicks in.
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