As an experienced crypto analyst, I’ve closely observed Pepe Coin’s price behavior and market trends. Following a brief recovery of the broader crypto market, Pepe Coin emerged as one of the highest gainers, reaching a two-week high of $0.0000135. However, recent days have seen a dip in price, with a 1.63% decline today.
In the last week of June, Bitcoin‘s selling pressure lessened, allowing it to hover above the $60,000 threshold. This development instigated speculation about a market bottom on social media and advice to buy at lower prices. Consequently, meme coins, including Pepe Coin, rallied strongly in response. The ensuing surge propelled Pepe Coin to a two-week peak of $0.0000135, marking the end of a prolonged correction and paving the way for an invigorated uptrend.
Will Correction Trend Extend? Whale Transfers 1.1 Trillion PEPE Tokens to Binance
During the current market adjustment, Pepe Coin’s price predominantly remained in correction mode throughout June. Following its peak value of $0.00001725, there was a significant decline of 42%, causing the meme coin to reach a minimum of $0.00000968.
The 50% Fibonacci retracement level held firm as a support for this pullback, signaling a healthy pause for buyers to recuperate. Furthermore, the PEPE price dips adhered closely to two descending trendlines, suggesting the emergence of a flag pattern.
As an analyst, I’ve observed that during significant uptrends, bullish continuations can provide brief respites for buyers before the next surge upward. Recently, however, Bitcoin (BTC) underwent a reversal, and PEPE‘s price displayed a striking breakdown below the $0.00001 psychological support level.
Within just three days, the price of the frog-themed meme coin, PEPE, experienced a significant surge and increased by approximately 26% to hit $0.0000127, surpassing the resistance level of the flag pattern. This breakout suggests that the correction may have come to an end, potentially paving the way for a more substantial rally. Yesterday, PEPE saw a decrease of around 1.63%. It’s possible that this dip was caused by a large-scale sale in the market.
According to the on-chain data monitor Spot On Chain, a significant transaction of approximately 1.1 trillion PEPE tokens, equivalent to around $14.2 million, was transferred from the whale wallet “0x837” to a Binance deposit address “0x0b1”.
Over the last hour, the whale identified as “0x837” has moved 1.1 trillion $PEPE tokens, equivalent to approximately $14.2 million, into Binance’s deposit address “0x0b1”. Keep an eye on this transaction if you suspect a large sell-off of $PEPE tokens to a centralized exchange is imminent.
The whale holds a remaining balance of $3.78M in PEPE tokens, which is equivalent to 300 billion dollars. The cumulative loss from this investment amounts to approximately $1.7 million or 5.69%.
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— Spot On Chain (@spotonchain) June 26, 2024
As a crypto investor, I’ve noticed that the whale continues to hold a significant amount of PEPE tokens to the tune of around 300 billion, equivalent to approximately $3.78 million. However, based on available data, this investment has resulted in a loss of roughly $1.7 million. This translates to a decrease in value amounting to a 5.69% setback.
As a researcher observing the PEPE market, I would interpret this transaction as a sign of cautious behavior from sophisticated investors. They may be reducing their exposure to PEPE, suggesting they don’t anticipate significant price movements in the near term.
As a researcher studying the PEPE cryptocurrency market, I’ve noticed that the current price action appears to be sustaining above the flag pattern formation. This could potentially indicate a 37% price increase towards $0.0000174. After this rise, there might be an extended rally, possibly reaching $0.00005.
Technical Indicator
- EMAs: The PEPE price reclaimed the 20-and-50-day Exponential Moving Average slope with the recent jump providing buyers with additional support to lead a new rally.
RSI: The daily Relative Strength Index (RSI) slope back above 50% accentuates restoring bullish sentiment in the market.
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2024-06-26 15:00