- Pepe declined by 7.8% over the past 24 hours as bearish sentiments persisted.
- A Pepe whale has transferred 254.65 billion tokens to Binance.
As a seasoned analyst with over a decade of experience in the crypto markets, I have witnessed numerous market cycles and whale activities that have shaped my understanding of the dynamics at play. The recent 7.8% decline of Pepe is a stark reminder of the volatile nature of this space.
Over the past week, Pepe experienced a strong downside as the overall crypto market has turned red.
After reaching its peak at $0.00002567, this memecoin has experienced a drop, falling as low as $0.000018. This decline has triggered widespread selling, particularly among those who hold larger quantities of the coin.
Pepe whale sells 254.65 Billion tokens
It appears that the giant Pepe whales have shifted their activities towards trading. Consequently, as per Spotonchain’s report, a single whale transferred approximately 254.65 billion tokens valued at around $5.15 million to Binance within the past 24 hours.
Typically, when large investors (known as “whales”) deposit funds into trading platforms, it often indicates they are planning to offload their holdings. This action by the whales often generates selling pressure, which in turn tends to push prices lower.
Over the past week, the memecoin’s continuous drop in value has led to an uptick in large-scale purchases by investors, also known as ‘whales’.
In times of market decline, large investors (often referred to as ‘whales’) may choose to sell off their assets to limit potential losses or cash in on any realized gains. This kind of market action is frequently a precursor to a price adjustment.
Impact on price charts?
Just as anticipated, intense selling activity, particularly from major investors, often results in falling prices. In line with this pattern, Pepe’s price dropped to $0.00001863 following a 7.80% decrease on the daily charts and a 7.56% downturn.
According to AMBCrypto’s analysis, the market mood for Pepe is transitioning from optimistic (bullish) to pessimistic (bearish), which might potentially lead to decreases in its price due to whale-related sell-offs.
In simpler terms, the gap between Pepe’s long and short positions indicates that more traders are betting on prices falling (short positions). Specifically, approximately 53% of all positions are short positions, implying a generally pessimistic outlook among traders, expecting prices to continue decreasing.
Over the last week, I’ve noticed that the MVRV long/short difference for Pepe’s cryptocurrency has dropped from 39 to 35. This trend typically suggests heightened selling activity among long-term investors, potentially due to their diminishing faith in the market’s future outlook.
Thus, long-term holders are bearish.
Additionally, the value of total liquidation for long positions has significantly increased during the last week, peaking at an impressive $4.97 million.
As a crypto investor, when I see others being pushed out of their positions due to high premium fees, it’s evident that they are not fully convinced about the potential growth of their investments. This hesitance suggests a bearish sentiment on their part.
To put it simply, the MACD of Pepe’s chart has crossed over in a bearish manner. This suggests a change in market sentiment from optimistic (bullish) to pessimistic (bearish), and an increase in selling pressure as traders are now predominantly taking on bearish positions.
Read Pepe’s [PEPE] Price Prediction 2024–2025
In simpler terms, it seems that Pepe has undergone a significant change in his attitude towards the market, moving from bullish to bearish. This change has prompted the ‘whales’ (large investors) to offload their holdings, either to limit potential losses or cash out on their gains.
Given the pessimistic outlook towards the memecoin, it might continue to drop. If this happens, Pepe may encounter a level of support at approximately $0.00001576.
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2024-11-27 08:08