In the last week, the ethereum price saw a slight 4% drop, coinciding with the PEPE whale gains, as the token fell 20%.
Over the past week, ethereum (ETH), the world’s second-largest cryptocurrency by market capitalization, has experienced a slight drop in value.
According to data from CoinMarketCap, ethereum, which stood at $1,879 seven days ago, is now valued at $1,796, marking a 3.97% decline in its weekly valuation.
Simultaneously, a different story has unfolded in the case of PEPE, a relatively lesser-known token affiliated with the popular Internet meme Pepe the Frog.
The PEPE token, although not mainstream, has generated quite a buzz in the crypto community recently. Seven days ago, the token was valued at $0.00000169 and today it is at $0.00000151 with a price drop of 20.33%.
A considerable number of PEPE whales, large holders of the token, have recently decided to make a profit. This activity is suspected to be one of the factors affecting the drop in ethereum price.
While the decline in ethereum’s weekly price could be attributed to the higher volatility inherent in the crypto market, the timing of this decline coincides with the change in investment behavior of the PEPE whales.
However, despite the weekly drop, Ethereum continues to hold a firm position in the market, being the platform of choice for numerous decentralized applications (dApps) and smart contract operations. Its long-term performance remains a central point of interest for investors and market analysts.
PEPE, initially created as a humorous nod to an internet meme, has managed to gain traction.
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PEPE has become a very popular token in a short time, and ethereum continues to occupy the second position in the global crypto pantheon as measured by market capitalization.
