As an analyst with extensive experience in the cryptocurrency market, I cannot help but express concern over the recent developments surrounding Pepe coin (PEPE). The massive selloff of over 1 trillion PEPE by a whale, worth $12.34 million, to Binance has sent shockwaves through the community and amplified bearish sentiments. This colossal transaction brings significant selling pressure to the asset and raises serious questions about its future price trajectory.
On June 18, investor anxiety regarding Pepe coin has intensified due to the crypto market’s downward trend. The meme coin featuring a frog theme displayed indicators of correction in the previous 24 hours, leading to pessimistic outlooks from the market. These bearish sentiments were fueled even further by a significant selloff from a large investor, who offloaded over 1 trillion PEPE tokens onto Binance. As a result, there is widespread curiosity and debate about Pepe coin’s potential future price movement.
Whale Offloads 1.15 Tln Coins Raising Investor Concerns
As a researcher studying the cryptocurrency market, I’ve come across some intriguing data from Whale Alert. Approximately 1.15 trillion PEPE tokens, equivalent to around $12.34 million, were suddenly transferred from an unknown source (0x835678a6) to Binance. This massive transaction has significantly increased the selling pressure on this asset. Furthermore, the sheer size of this selloff may raise concerns about the future potential of PEPE among investors, potentially leading to a decrease in market confidence.
Despite the large transfer of funds, the identified whale possessed a significant quantity of PEPE tokens, together with other digital assets. Based on Etherescan’s records, the whale’s portfolio contained approximately 6.77 trillion PEPE, equivalent to around $71.86 million, and roughly 2.19 trillion SHIB, worth about $39.51 million. The remaining assets included various tokens such as LINK, MATIC, RNDR, OM, and so on.
Meanwhile, the PEPE price plummeted, falling in line with usual market sentiments with such dumps.
PEPE Price Dips
PEPE’s price exhibited a decline, decreasing by 9.21% within the last 24 hours to reach $0.00001055. The token’s lowest and highest values during this period were $0.000009865 and $0.00001176 respectively.
The data from Coinglass indicates that a significant amount of Pepe coins, approximately $6.78 million worth, have been liquidated since yesterday. This trend can be linked back to the recent price adjustment undergone by PEPE.
PEPE’s Futures Open Interest decreased by 14.52%, or $38.3 million, reaching $109.67 million, hinting at waning investor enthusiasm for the futures market. Conversely, derivatives trading volume surged by 79.19% to a substantial $1.96 billion, which could be attributed to heightened speculative activity.
As a researcher observing the markets, I notice that the Relative Strength Index (RSI) for this asset hovers around the 38 level, signaling downward pressure. A deeper decline could push the coin into oversold territory, setting up conditions for a possible price rebound. Additionally, if the broader crypto market recovers, it might significantly boost the asset’s price movement in the near future.
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2024-06-18 15:54