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Whale Moves 357.2 Billion PEPE To Binance Amid Price Dip, What’s Next?

Published

6 months ago

June 15, 2024

In a striking move that has captured the attention of the cryptocurrency community, a significant whale has transferred 357.2 billion PEPE tokens to Binance amid a notable price dip. This substantial transaction has sparked speculation about the potential impact on the market and what might come next for PEPE.

PEPE Market Fluctuations and Whale Activity

Meme cryptocurrency PEPE has taken a beating lately, dropping over 10% in the past week according to on-chain data. A major holder with the address 0xf22…a685c had to reduce their position. They initially withdrew 548 billion PEPE tokens from a centralized exchange at an average price of $0.00001341, worth around $7.35 million.

However, in the last 16 hours, this holder sent back 357.2 billion PEPE to Binance through two transactions at a lower price of $0.00001157. The first transfer was 170.3 billion tokens, and the second was 186.95 billion, totaling $4.14 million.

If sold at the current rate, this would result in a $660,000 loss, with the remaining tokens still being underwater by $320,000. This move suggests the whale is repositioning strategically, perhaps expecting further dips or preparing for new opportunities in the market.

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PEPE Market Analysis and Future Prospects

PEPE is currently trading at around $0.00001208, with a massive 24-hour trading volume of over $954 million. However, the price has dipped by 0.35% in the last day and a more significant 7.08% over the past week. With a circulating supply of 420 trillion PEPE tokens, the total market cap stands at roughly $5.09 billion. The token is fluctuating between $0.00001217 and $0.00001137. Open interest in PEPE futures has declined by 8.20%, now valued at $79.1 million.

According to Coingape’s analysis, market consolidation led to a V-top reversal from $0.00001725, causing a 37.2% plunge to $0.0000108 and the market cap dropping to $4.54 billion. Currently, PEPE’s price is teetering on a potential breakdown from the critical $0.0000114 support level, which coincides with the 50-day exponential moving average and 38.2% Fibonacci retracement.

If this support is breached, it could intensify selling pressure and potentially drive the price down to $0.000009. The Fibonacci tool identifies $0.000009 and $0.000007 as key levels corresponding to the 50% and 61.8% retracements, where buyers may step in to reverse the downtrend.

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