PEPE Whale Offloads 396 bln Tokens, Signal Selling Or What?
Today, August 9, 2024, on-chain analytics firm Lookonchain made a post on X (formerly Twitter) that garnered widespread attention from the crypto community. In the post, Lookonchain shared that a Pepe (PEPE) well recently deposited 395.92 billion tokens worth $3.4 million on Binance.
PEPE Whale has dropped 396 billion tokens.
However, WELL dumped this large amount of tokens during the ongoing market recovery and the recent bullish crash in PEPE. Although this was a dump, this whale made a total profit of over $5.06 million, a nearly 200% return on investment.
Along with the litter, this whale's PEPE catch became zero. According to Lookonchain, the whale was killed in 2015. On March 1, 2024, Binance released about 795.92 billion PEPE tokens worth $2.55 million. However, it sold 400 billion PEPEs for $4.22 million on August 1, 2024, and today they are worth $395.92 billion, worth $3.4 million.
However, when the whale last dumped tokens, PEPE experienced a price drop of more than 16 percent. The price has not reacted much this time, but based on the historical data we see a slight decline.
PEPE price analysis
At press time, PEPE is trading at around $0.0000083 and has experienced a price increase of over 2% in the last 24 hours. Meanwhile, the transaction volume also increased by 10 percent. This increase in transaction volume indicates high participation from investors.
PEPE price forecast
According to Expert Technical Analysis, PEPE looks bullish when it moves above the 200 Exponential Moving Average (EMA) on a daily time frame. An asset price above the 200 EMA indicates that the asset is in an uptrend.
Apart from that, PEPE has recently experienced a breakdown of the consolidation zone and is currently testing that level. However, when PEPE last opened its consolidation zone, it experienced a 180% price increase in 37 days. At this time, traders and investors are waiting for the same hope from PEPE.
In the coming days, if PEPE manages to hold itself above the 200 EMA, there is a high probability that it will rise 50% to the $0.0000127 level.
