- Arthur Hayes’ trades significantly impacted Pepe Coin price.
- Whale accumulation suggests a potential price rebound.
- Market sentiment influenced by historical price patterns and technical analysis.
Pepe Coin price plunged over 21% in the last two weeks, driven by substantial sell-offs by prominent crypto figures, including Arthur Hayes, influencing market dynamics significantly.
The event highlights the vulnerability of meme coins to individual actions, reflecting potential volatility and its influence on broader market sentiment and trading activities amidst uncertain recovery prospects.
Pepe Coin (PEPE) has experienced a steep decline over two weeks, dropping by over 21%. The price currently hovers at $0.00001, marking a new low since early July. The event has stirred intense market speculation and analysis.
Market Influence by Arthur Hayes
Arthur Hayes, known for his influence, sold significant holdings, including 38.86 billion PEPE. This action triggered a surge in bearish sentiment. Despite no official comment from PEPE’s leadership, Hayes’ trades have caused ripples through the crypto market.
Arthur Hayes(@CryptoHayes) sold 2,373 $ETH($8.32M), 7.76M $ENA($4.62M), and 38.86B $PEPE($414.7K) in the past 6 hours.
Market Response and Potential Rebound
The market response to Hayes’ liquidation was swift, affecting Ethereum and ENA in parallel. Exchange outflows indicate that investors are positioning for a recovery, a move supported by positive funding rates for PEPE futures and historical rebounds.
As observed in similar events, including those involving DOGE and SHIB, whale behavior suggests potential recovery. Technical indicators, such as the Relative Strength Index, point to an approaching oversold territory, spurring hope among investors. The Relative Strength Index (RSI) for PEPE fell from an overbought 70 to 37, a level suggesting the asset is approaching oversold territory and could be primed for a technical bounce.
