PEPE Whale Sells Big, Triggers 11% Price Drop
Key Takeaways
- A PEPE whale sold 502.5 billion coins worth 6.47 million US dollars.
- The sale resulted in a profit of 7.47 million US dollars within one month.
- PEPE’s price dropped by 11% and could fall another 15% if weakness continues.
- Technical indicators suggest a possible continuation of the downtrend.
- Large transactions by whales have increased by over 4%.
Whale Sales Put Pressure on PEPE
In recent days, major investors – known as “whales” – have begun offloading their PEPE holdings. One particularly notable case: a single whale transferred 502.5 billion PEPE coins worth 6.47 million US dollars to the crypto exchange Binance. The coins were acquired only a few weeks ago, indicating a targeted profit-taking strategy. The profit: a hefty 7.47 million US dollars.
Despite the sale, the whale still holds 497.5 billion PEPE, currently valued at approximately 6.41 million US dollars. This shows that even after the sell-off, a significant amount remains in the wallet – possibly signaling further market activity.
Chart Analysis: Technical Weakness Intensifies
PEPE’s price recently broke downward out of an ascending triangle – a classic bearish signal. At the time of analysis, the price stood at around 0.0000128 US dollars. If the downtrend continues, a decline to 0.0000111 US dollars is possible. This level marks both a technical support zone and the 200-day EMA (Exponential Moving Average).
The Relative Strength Index (RSI) currently sits at 52. This points to a neutral market condition – neither overbought nor oversold. However, the trend is leaning downward.
On-Chain Data: Activity Among Large Addresses Increases
Data from the analytics tool IntoTheBlock shows that the number of large transactions – typically by whales or institutional investors – has increased by 4.09%. This development raises questions: Are these players preparing for further price drops? Or are they taking advantage of the dip to buy in at lower prices?
Liquidation Zones: Risk for Leveraged Positions
According to data from CoinGlass, critical liquidation levels are located at 0.00001259 US dollars (support) and 0.00001351 US dollars (resistance). At these points, there are currently open long positions worth 2.39 million US dollars and short positions worth 7.65 million US dollars. A price movement in either direction could therefore trigger significant liquidations.
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Our Assessment
The current developments surrounding PEPE show just how much influence large investors can have on price trends. The recent whale sale not only put pressure on the price but also unsettled the market environment. From a technical perspective, many indicators point to a continuation of the downtrend, especially if support at 0.00001259 US dollars breaks.
If you are invested in PEPE or considering it, you should closely monitor the price movements and the behaviour of large wallets. While short-term declines are possible, this could present medium-term opportunities – provided you take a strategic approach and use technical analysis to guide your decisions.
Stay alert, especially in a market segment like memecoins, which is heavily influenced by sentiment and speculative movements.
Sources
- IntoTheBlock
- CoinMarketCap
- CoinGlass
- TradingView
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