PEPE Price Drops to $0.00001 Following $13 Million Sell-Off by Arthur Hayes
PEPE price dropped to $0.00001, losing over 21% during a five-day period. The decline followed a $13 million sell-off by Arthur Hayes, BitMex co-founder, which included:
- 2,373 ETH worth $8.32 million
- 7.76 million ENA for $4.62 million
- 38.86 billion PEPE tokens valued at approximately $414,700
This sell-off triggered an immediate 4% price drop within 24 hours, stabilizing at the $0.00001 level. Such actions from key investors often indicate increased market anxiety.
Despite recent corrections in altcoins like PEPE, Bitcoin remains consolidated above $113,000. This suggests that traders are likely taking profits rather than indicating a full bearish trend.
PEPE Price Forecast
Current price action shows potential stabilization after the 21% loss. Trading volumes have decreased, suggesting sellers may be less aggressive. Key points include:
- PEPE is near the lower Bollinger Band at $0.00001024 with resistance at the 20-day EMA around $0.00001249
- The MACD indicates bearish conditions, but shrinking histogram bars suggest reduced selling pressure
- If support at $0.000010 holds, a rebound towards $0.000012–0.000013 may occur
- A breakout could lead to retesting $0.00001450
- Heavy selling from whales could breach $0.000010, exposing deeper supports near $0.000009 or $0.000008
Overall, PEPE's near-term trajectory hinges on whale activity and trader sentiment around the $0.00001 re-entry point.