A pseudonymous crypto trader is warning that Dogecoin DOGE/USD and Shiba Inu SHIB/USD rival Pepe Coin PEPE/USD is set for an inevitable crash to zero.
What Happened: DonAlt on Thursday took to Twitter to warn his 484,000 followers that the Pepe Coin is going to implode.
The trader’s assessment is based on his chart, which shows PEPE’s sudden rise and then precipitous fall in recent weeks. He predicts that the coin will have no value over the next three to five years.
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"Where does PEPE go next? Spoiler alert: The answer is zero. Just gotta wait three-five years until it hits the target," the trader tweeted.
Why It Matters: It appears that the craze for PEPE may be losing momentum as whales have begun to reduce their holdings. This follows a significant dip in the meme coin's value, which has resulted in "smart money" wallets reducing their PEPE stash by $3 million over a 24-hour period.
Currently trading at $0.000001138 PEPE is down 35% in the last 24 hours alone and tumbled over 75% from its all-time high of $0.00000431, which it reached on May 5.
Read More: Bitcoin, Ethereum, Dogecoin Drop Despite Mildly Upbeat Jobs Report, Price Data: Analyst Sees Elon Musk Stepping Down As Twitter CEO ‘Bad News’ For DOGE
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