Pepe coin, a meme cryptocurrency adorned with a frog theme, has been severely affected by the current bearish sentiment gripping the crypto market. Over the past 24 hours, the token has experienced a notable correction, causing alarm among its investors. The downturn was exacerbated by a substantial selloff from a single whale, who offloaded more than 1 trillion PEPE coins valued at approximately $12.34 million on the Binance exchange.

The whale's transaction, initially flagged by Whale Alert, has garnered significant attention within the crypto community. The address involved, identified as 0x835678a6, liquidated a sizable portion of its PEPE holdings, raising concerns of further price depreciation. Despite this sell-off, the whale retains a substantial stake in PEPE, alongside holdings in other tokens like SHIB, LINK, and MATIC.

Currently, Pepe coin is trading at $0.00001055, marking a 9.21% decline over the past day. The token's price fluctuated between daily highs of $0.00001176 and lows of $0.000009865, according to data from Coinglass. The significant liquidations totaling $6.78 million have contributed to the downward pressure on its price.

The futures market for PEPE has also been affected, evidenced by a 14.52% decrease in Futures Open Interest (OI) to $109.67 million, indicating waning investor confidence. However, derivatives trading volume surged by 79.19% to $1.96 billion, suggesting heightened speculative activity despite the overall market downturn. The Relative Strength Index (RSI) currently sits at 38, underscoring bearish sentiment and potential further downside.

In summary, Pepe coin's recent price decline has been starkly influenced by the significant selloff from a major whale, triggering apprehension among investors. While the trajectory of PEPE's price remains uncertain, a potential recovery in the broader crypto market could bolster hopes for a rebound. Investors are advised to monitor market developments closely and adjust their strategies accordingly amid ongoing volatility.