Frog flops as Pepe coin supply crashes to a two-year low: But is it setting up for a leap?

Pepe coin price continued its sell-off on Saturday, moving to its lowest point since May 9, as the crypto sell-off accelerated.

Pepe pepe-0.91%Pepe dropped to a low of $0.00001096, down by 32% from its highest point this year. 

On the positive side, the supply of Pepe coins on exchanges has crashed to 105.33 trillion, its lowest level since 2022. It has also fallen from last year’s high of 215 trillion, a sign that holders are not selling their coins. 

Nansen data shows that the number of Pepe coins whales hold has increased this month. These investors now hold 9.71 trillion coins, a 2.74% increase from April. 

Accounts labeled as smart money have also continued to accumulate Pepe this month. Their holdings jumped to 625 billion, a 145% month-on-month increase.