PEPE is witnessing a massive increase in selling pressure, which has resulted in a double-digit drop in the memecoin’s price over the last week.
Most metrics and indicators were bearish, but the MFT supported the bulls.has been having a hard time holding its ground of late as its price continues to fall. If that was not enough, the latest data revealed that investors were selling their PEPE holdings, which can add to the misery.
With rapidly declining market capitalization and immense selling pressure, the memecoin might soon slip out of the list of the top 100 cryptos by market cap.Lookonchain’s tweet from 11 September 2023 pointed out that a few investors were selling their holdings. As per the tweet, three wallets changed their PEPE positions to PNDC. They sold a total of 1.38 trillion PEPE for 600 ETH, worth $965 thousand, and spent 600 ETH to buy 487 billion PNDC.