PEPE Whale Drops 330 Billion Tokens, Will It Crash?
Pepe (PEPE), the most popular and third largest meme coin, is gaining attention from traders and investors because of the ongoing pollution caused by whales. In the year On August 30, 2024, the PEPE Well sold more than $330 billion worth of tokens to the Kraken cryptocurrency exchange, resulting in a loss of more than $3.13 million, according to Lookonchain.
PEPE WELL Bearish Outlook
Despite this garbage, the whale still holds 1 trillion PEPE tokens worth $7.57 million in his wallet. However, this whale bought $6.18 million of 828.64 billion PEPE tokens on August 18, 2024.
The bearish market sentiment in this whale and the popular trash indicates that there will be a big sell-off in the future.
PEPE price forecast
According to expert technical analysis, PEPE is near the critical support of the $0.000007 level. It is trading below the 200 exponential moving average (EMA) on the daily time frame, indicating a bearish trend. However, the Relative Strength Index (RSI) is in oversold territory, signaling a possible price recovery.
Based on historical price progress, there is a possibility that PEPE will see a significant price increase of 22% at the $0.00000938 level. Meanwhile, if PEPE fails to hold the support level and the daily candle closes below the $0.00000672 level, there is a high possibility that it may fall to the $0.000006 level in the coming days.
Increasing open interest and parameters on the chain
Coinglass PEPE's OI-weighted funding indicates that short sellers dominate the asset and have the potential to liquidate long positions worth millions. According to the information, the PEPE OI-weighted funding rate stands at -0.0030%, this is a sign and the sign suggests that the price will decrease in the coming days.
At press time, PEPE is trading at $0.0000076 and has seen a modest decrease of 0.6% in the last 24 hours. Meanwhile, open interest rose 6 percent, reflecting growing selling pressure from traders and investors.
