PEPE Coin [PEPE] is the latest meme coin aiming to revolutionize the cryptocurrency market.

As PEPE entered the crypto market with a lot of jerkiness, it gained traction quickly. With more than US$636 million trading volume in 24 hours since its launch on April 14, the cryptocurrency has attracted great attention. Within weeks, this meme coin was ranked in the top 50 cryptocurrencies by market capitalization and crossed the billion-dollar threshold.

Over the past 5 days, PEPE’s price has slid over 50% due to a spike in profit-taking by investors after several weeks of strong gains.

As whales exit previously held positions, they dump PEPE bags and make massive profits.

Data from CoinMarketCap shows that Pepe [PEPE] has shed more than half its value in five days since it reached its all-time high (ATH) of $0.000004354.

How much does 1000 PEPE currently cost in USD?

A double-digit decline of 23% has occurred within the past 24 hours for PEPE tokens, with prices currently trading at $0.000001869 per token. While its price declined, PEPE’s trading volume increased by 34%.

Markets where buyers’ exhaustion sets in are prone to price divergence. Consequently, price growth is usually constrained by the number of buyers available for the asset. Due to waning demand, liquidity is also required to increase asset value.

PEPE is being hurt by profit-seeking investors

PEPE tokens have been sent to exchanges in recent days, according to the on-chain analysis of exchange activity. A rise in the supply of an asset suggests profit-taking activity, which naturally results in a decline in its value.

Here is PEPE’s price forecast for 2023

PEPE supply on exchanges has increased by over 3000% since May 4, according to on-chain data provider Santiment.

The number of PEPE tokens on cryptocurrency exchanges currently stands at 106.46 trillion. The number of tokens was 3.12 trillion five days ago.

Sentiment data showed that tokens outside of exchanges declined by 18% during the same period.

As a result of reaching its ATH five days ago, whale accumulation has dropped significantly since the alt’s supply distribution was examined. Over the last 12 months, whales who hold more than 100,000,000 PEPE tokens have decreased by 12%.

General market sentiment has hampered PEPE’s stock performance in the past few days. Most meme coins have no intrinsic value, so they are typically inflated by hype and market players looking to profit quickly.

Also Read: Pepe’s chart turned red – have we seen the end of pepe’s hype?