The crypto market's bearish trend has taken a toll on Pepe coin, a frog-themed meme coin, which has seen a significant correction in the past 24 hours. The coin's price has dipped, raising concerns among investors. The downward spiral has been further fueled by a massive selloff by a whale, who dumped over 1 trillion PEPE coins worth $12.34 million on Binance.

The whale's transaction, spotted by Whale Alert, has raised eyebrows in the crypto community. The unknown address, 0x835678a6, sold off a substantial portion of its PEPE holdings, sparking fears of a further price drop. However, it's worth noting that the whale still holds a significant amount of PEPE, along with other tokens like SHIB, LINK, and MATIC.

The PEPE price has plummeted by 9.21% in the past 24 hours, currently trading at $0.00001055. The token's daily highs and lows stand at $0.000009865 and $0.00001176, respectively. According to Coinglass data, Pepe coin has seen substantial liquidations, totaling $6.78 million, which has contributed to the price correction.

The futures market has also been impacted, with PEPE's Futures OI dropping by 14.52% to $109.67 million, indicating declining investor interest. However, the derivatives volume has surged by 79.19% to $1.96 billion, possibly due to speculative trading. The RSI currently stands at 38, indicating downside pressure on the asset.

In conclusion, Pepe coin's price has taken a hit due to the whale's massive selloff, sparking concerns among investors. While the coin's future price trajectory remains uncertain, a potential crypto market recovery could fuel a price rebound. Investors are advised to keep a close eye on market trends and adjust their strategies accordingly.