The third-largest cryptocurrency meme coin, Pepe (PEPE), is facing a significant price decline after forming a bearish price action. A whale has dumped 427 billion PEPE coins, worth $8.5 million, onto the Kraken exchange. The whale still holds 1 trillion PEPE coins, with a profit of $2 million, despite the dump. This is not the first time the whale has dumped PEPE, and the recent dump could create selling pressure and lead to further price decline. CoinPedia's technical analysis indicates that PEPE is poised for a major breakdown, with a potential 20% drop if it breaches a key support level. The decline in price and bearish sentiment have resulted in a decline in open positions, with PEPE's open interest dropping by 15%. Currently, PEPE is trading near $0.0000178, with a decrease of over 5.5% in the past 24 hours.



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