$PEPE market analysis , Richest PEPE investors are dumping ?

PEPE's price surged by 7.60%, reaching an all-time high of $0.00001725. This marks an impressive 88% increase since the U.S. Securities and Exchange Commission (SEC) approved the Ether ETF filings on May 20.

Other Ethereum-standard memecoins, including Dogecoin $DOGE , Shib Inu $SHIB and Mog Coin (MOG), also posted significant gains after the ETF filings approval.

PEPE's bearish technical outlook is further reinforced by the ongoing profit-taking activities of its wealthiest investors.

Notably, during the market uptrend, the supply of PEPE held by entities with balances exceeding 1 billion tokens has decreased. This indicates that these "whales" have been selling at local price peaks. Consequently, the supply of PEPE held by smaller investors has increased.

Nonetheless, there have been individual cases wherein traders have withdrawn millions of dollars worth of PEPE tokens from exchanges after the latest pump, reflecting their intention to hold the memecoin instead of selling it at its current highs.

The impact of these withdrawals on the overall whale supply data is yet to be seen, however, which furthers PEPE's correction risks in June.