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Pepecoin Drops Nearly 50% From Highs as Traders Likely Taking Profits for Ether

Pepecoin (PEPE) has been one of the most talked-about cryptocurrencies in recent weeks, with some holders turning small investments into large profits. However, the value of Pepecoin has been volatile, with some investors booking profits and causing the value to drop. According to recent reports, Pepecoin has dropped nearly 50% from its highs as traders are likely taking profits for Ether.

These profits are likely being converted into Ether, which hit an all-time high in deposits to exchanges since November 2021. On-chain analytics firm Santiment stated that the increasing number of Ether deposits could be stemming from traders taking profits on their Pepe positions.

The speculation about the coin is getting over, and the overhype of the Pepe coin has resulted in the retracement phase. As no intrinsic value holding with it, the speculation was expected to fade away. Price action draws a lower-high structure below the descending trendline from its all-time high. Specifically, the double-top price structure could attract short-term sellers to drag Memecoin down to the immediate support.

The PEPE token has surged over the past few days after branding itself as “the most memeable memecoin in existence.” Its creators referenced both the crypto bear market and rival dog-themed memecoins Dogecoin and Shiba Inu, noting that “the dog days are over.”

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