- PEPE is down more than 42% in the last 24 hours.
- Whales have sold millions worth of PEPE.
- Other meme coins like WOJAK are also down significantly.
The meme coin season started just a few weeks ago but it already seems to have stopped, or at least faded away.
On Monday, PEPE, the leading meme coin, and others dropped more than 33% on no news.
PEPE Dumps 42% as Whales Sell
The start of the week has proved to be disastrous for the new meme coin king PEPE. The coin, named after the popular cartoon character Pepe the Frog and deployed on Ethereum, is down double digits on Monday.
PEPE is currently trading at $0.00000184, down more than 42% in the last 24 hours, according to data from CoinGecko.
The dramatic dump in PEPE’s price comes after an incredible run last week when the token increased by a few hundred percent and made multiple people instant millionaires.
However, it seems like the people who got millions from the PEPE trade are fleeing. According to data from Lookonchain, multiple whales with trillions of PEPE have cashed out substantial amounts, adding to the selling pressure the token has experienced lately.
Other meme coins that saw astronomical gains in the past several weeks are also down substantially. WOJAK is down 65%, DINO 62%, and multiple other meme coins have gone down more than 30%.
On the Flipside
- PEPE is still up 2,847% in the past few weeks. On top of that, meme coins usually have big corrections before going back up.
Why You Should Care
Investing in meme coins is a risky business. Any investor should know that meme coins are extra volatile and investing in them could mean significant losses.
Read more about PEPE’s price action from last week:
PEPE Rips 69% to Hit New All-Time as Whales Buy Millions
Read more about Ethereum validator exit queue dropping to 0:
Ethereum Withdrawal Queue Drops to 0 as Community Hails PoS Completion
Source link: https://dailycoin.com/meme-coin-pepe-dumps-42-as-whales-continue-to-exit/
