- A Pepe whale transferred 2.1 trillion tokens worth $52 million after 600 days of dormancy.
- Pepe has made a moderate recovery on its price charts, rising by 3.78%.
As a seasoned analyst with years of experience under my belt, I’ve seen my fair share of market fluctuations and whale activities. The recent movement of 2.1 trillion Pepe tokens by a dormant whale is intriguing, to say the least. This early Pepe holder, who initially invested a mere $27, now holds assets worth $52 million.
After reaching $0.00002836, the memecoin PEPE has found it challenging to sustain an uptrend. Consequently, it dipped to a recent low of $0.00002164. Nevertheless, there have been efforts to regain its momentum on the price charts since then.
At the time of writing, Pepe was trading at $0.00002423, marking a 3.78% increase on daily charts.
Due to Pepe’s continuous rise, there’s been an uptick in whale involvement. Some whales are seizing the opportunity presented by the current surge, while others are steadily stockpiling, anticipating further growth and profits.
Pepe whale offloads 2.1 trillion tokens
As an analyst, I’ve just noticed an interesting movement in the Pepe market. Based on data from Lookonchain, a significant player, often referred to as a ‘whale’, who had been inactive for approximately 600 days, has suddenly transferred an impressive 2.1 trillion tokens, valued at around $52 million, to a fresh address. This could indicate a potential shift in the market dynamics or a strategic move by this whale.
This individual, who initially owned Pepe tokens, shelled out just 0.0135 Ether (approximately $27) to acquire these tokens. Ever since then, this person has continued to hold onto the investments they made.
This transaction could potentially have two significant effects. Initially, should the transfers lead to the accumulation of funds on exchanges for potential sales, it may increase the selling pressure. On the other hand, if this large investor (referred to as a ‘whale’) is moving funds to more secure cold storage, it could be interpreted as a bullish sign, suggesting confidence in the future price growth.
Impact on price charts
Overall, PEPE was experiencing a short-term bearish sentiment from both whales and retail traders.
In simpler terms, Pepe’s massive investors have been pouring in less money over the last week, from 12.78 trillion to 5.48 trillion. This implies that big investors are reducing their investment into the memecoin. When large investors decrease their investments, it often suggests a dip in market confidence.
Furthermore, the downward trend of the memecoin was also supported by a drop in its Relative Strength Index (RSI), suggesting a decrease in purchasing momentum due to the market correction following the recent surge.
At 58, the RSI indicates that both sellers and buyers are still battling for market control.
What next for the memecoin?
Based on my recent analysis with AMBCrypto, I’ve noticed that the memecoin has been undergoing a temporary market correction after a notable rally. This short-term dip in price has sparked some bearish sentiment among traders. However, it’s important to remember that the underlying fundamentals of this coin appear to be strengthening. As such, the current bearish sentiments might not last long-term.
Although the memecoin’s temporary price drop was observed, its Adjusted Price DAA Divergence has been consistently positive during the last week. This suggests that underlying factors like network activity are strengthening. Consequently, this positive divergence hints at possible price increases in the coming days.
Read Pepe’s [PEPE] Price Prediction 2024–2025
Considering the overall positive outlook, it’s possible that the value of Pepe might increase further and break through its current resistance at $0.0000256 in the near future.
However, if bearish forces prevail, the price could drop to $0.00002319.
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2024-12-15 01:11