As a crypto investor with some experience under my belt, I’ve learned that whale transactions can often signal significant market movements. The recent transfer of 357.2 billion PEPE tokens by a major holder to Binance during a price dip has certainly piqued my interest.
As a crypto investor keeping a close eye on the PEPE token, I’ve been intrigued by an unexpected development: a massive whale has moved 357.2 billion PEPE tokens to Binance during a notable price dip. This transaction, which is significant in size, has stirred up excitement and speculation within the crypto community about its potential market implications and what may transpire next for PEPE.
PEPE Market Fluctuations and Whale Activity
Recently, the meme cryptocurrency PEPE has experienced a significant decline, dropping by more than 10% in the last week based on on-chain data. A notable investor with the wallet address 0xf22…a685c was compelled to decrease their holdings. They initially transferred 548 billion PEPE tokens from a centralized exchange, selling at an average price of $0.00001341 per token, which equates to approximately $7.35 million in total value.
As a crypto investor, I’ve noticed that one of my fellow PEPE holders made two transactions within the past 16 hours, sending a total of 357.2 billion tokens back to Binance. In the first transaction, they transferred 170.3 billion tokens at a price of $0.00001157, which amounted to approximately $1.9 million. The second transaction involved transferring an additional 186.95 billion PEPE at the same lower price, resulting in a further $2.24 million being returned to the exchange. This holder has effectively sold these tokens for a total value of around $4.14 million.
At the present pricing, this transaction would lead to a loss of $660,000. The value of the remaining tokens would still be below their purchase price by an additional $320,000. This action may indicate that the large investor is making a deliberate move, possibly anticipating further price declines or looking for new market prospects.
PEPE Market Analysis and Future Prospects
PEPE is presently valued at approximately $0.00001208, boasting a substantial daily trading volume of over $954 million. Nevertheless, there’s been a slight decrease in price by 0.35% within the last day and a more considerable dip of 7.08% over the previous week. The circulating supply consists of approximately 420 trillion PEPE tokens, leading to a market cap estimation of around $5.09 billion. The token’s price is currently oscillating between $0.00001217 and $0.00001137. Open interest for PEPE futures contracts has decreased by 8.20%, now amounting to approximately $79.1 million.
Based on Coingape’s assessment, market concentration resulted in a V-shaped reversal that took PEPE‘s price from $0.00001725 down to $0.0000108, causing a significant 37.2% decrease and lowering its market capitalization to $4.54 billion. At present, PEPE’s price is precariously positioned just above the crucial support level of $0.0000114, which aligns with both the 50-day exponential moving average and the 38.2% Fibonacci retracement.
If the support level is broken, there’s a risk that selling pressure will increase significantly, possibly causing the price to drop as low as $0.000009. According to the Fibonacci tool, these levels at $0.000009 and $0.000007 are crucial points of potential resistance, representing 50% and 61.8% retracements respectively. At these price points, buyers might enter the market to counteract the downtrend.
Read More
- LUNC PREDICTION. LUNC cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- SOL PREDICTION. SOL cryptocurrency
- USD COP PREDICTION
- BICO PREDICTION. BICO cryptocurrency
- USD ZAR PREDICTION
- USD PHP PREDICTION
- VANRY PREDICTION. VANRY cryptocurrency
- USD CLP PREDICTION
- PLI PREDICTION. PLI cryptocurrency
2024-06-15 10:54