- A Pepe whale sold 356.2 billion tokens worth $7.3 million.
- Pepe has remained stuck in a consolidation range over the past two weeks.
As a seasoned crypto investor with over a decade of experience in this volatile market, I have seen it all – from the meteoric rise and fall of Bitcoin to the birth and death of countless memecoins. The recent events surrounding Pepe [PEPE] have caught my attention, and not just because of its catchy name or adorable frog mascot.
Over the past three weeks, Pepe (PEPE) hasn’t been able to sustain its upward trend since it hit a new high of $0.00002524. Instead, it has been moving back and forth between approximately $0.000022 and $0.000018.
Even though there was a market correction observed, the latest surge to All-Time Highs (ATH) has resulted in substantial profits for long-term investors.
As the memecoin fails to achieve further growth, long-term investors, particularly the whales, are choosing to offload their holdings to capitalize on their earnings.
Pepe whale sells 356.2B tokens
As reported by Spot On Chain, a significant PEPE investor (often referred to as a ‘whale’) appears to be reducing their holdings. In the last 24 hours, this whale has transferred approximately 356.2 billion Pepe tokens, equivalent to around $7.3 million, into Kraken.
After amassing approximately 375.65 billion Pepe tokens following a withdrawal from Gemini in 2023, this ‘whale’ decided to start selling off its holdings in February 2024, resulting in a total sale value of around $7.54 million.
When whales decide to offload their holdings, it suggests they’re either aiming to capitalize on the profits following a market rally or concerned about potential losses as the upward trend might be losing steam.
In this case, it’s clear that there’s not enough faith in the market, as continuous selling by large investors (often referred to as “whales”) can lead to a drop in prices due to an excess of supply.
Impact on price charts?
Based on AMBCrypto’s assessment, the recent selling of large quantities of cryptocurrency by a significant investor (referred to as a “whale”) appears to stem from a generally pessimistic outlook among major investors regarding the market, which is predominantly negative.
Over these last four days, there’s been more selling (outflow) than buying (inflow) by large investors, as indicated by IntoTheBlock data, suggesting a continuing trend of net loss for these large holders.
This has declined from 381.86 billion tokens to -534.57 billion Pepe tokens, signaling that most whales were actively selling.
The falling MVRV Long/Short Difference, which had previously reached 41%, continued to decrease to 37%. In simpler terms, this indicates that the gap between the value of cryptocurrencies held for long-term investment and those held for short-term trading is shrinking.
When the MVRM Long/Short Difference decreases, it suggests that those holding long positions are becoming less optimistic about the market because their profits are shrinking.
What next?
Although the decrease in whale sales might typically lower an asset’s value, there hasn’t been a noticeable drop in Pepe’s price so far. Surprisingly, however, Pepe has shown some modest improvement in its price trends.
Currently, at the time of this update, Pepe is being exchanged for approximately $0.00002056 per unit. This represents a 0.09% rise in its daily trading activity. Moreover, it has also shown growth on both weekly and monthly charts, with a 10.69% increase over the past week and an impressive surge of 145.11% over the past month.
To sum up, as whales show a negative trend and short-term investors aim for greater profits, it appears that the Pepe market will persist in its current stable phase.
Read Pepe’s [PEPE] Price Prediction 2024–2025
Given the current market stalemate between bullish and bearish forces, it’s likely that Pepe will continue to trade within a narrow price range for some time.
If the upward trend in Pepe’s price chart continues to build strength, it might lead to the resistance level at $0.0000227 being reclaimed. On the flip side, if bears take over the market, Pepe may find support near the $0.00001885 level.
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2024-12-03 23:36