Ah, my dear friend, have you heard the latest tale of our beloved memecoin, PEPE? It seems that whales have been dumping their tokens, causing quite a stir in the market! But, is this enough to make our beloved PEPE cry, or will it remain as resilient as ever? Let us delve into this intriguing mystery together!
- In but a single day, PEPE whales had sold a staggering 190 billion tokens, just as the price reached a three-month low.
- Yet, at the very moment I pen this, PEPE has defied the bearish trends, boasting a 7% increase in value! A true testament to its unpredictable nature!
Indeed, the world of memecoins remains under the oppressive grip of the bear, with the total market capitalization plummeting by approximately 1.2% to a mere $79 billion. Yet, our dear PEPE, in its infinite defiance, has gained 7% in the last 24 hours, reaching the value of $0.0000099! However, a lack of interest from the whales may hinder its long-term growth.
Could whale selling halt PEPE’s rally? 🐳📉
Data from IntoTheBlock reveals that large PEPE transactions, worth over $100,000, have quadrupled in the last 24 hours, increasing from 8 trillion to 31.9 trillion. Yet, this surge appears to be driven by the desire to sell. Indeed, the net flow of large holders has plummeted from 159 billion to a staggering -37 billion, suggesting that whales have sold a colossal 196 billion PEPE within a single day!
When these great beasts decide to cash in their chips, it can only mean one thing: reduced confidence from investors, which will undoubtedly weigh heavily on the price. With whales holding 48% of the memecoin’s supply, their distribution phase could very well exert a powerful downward force on the market.
Key levels to watch 👀
Alas, dear friend, the sellers still hold the reins of the price action, with the Relative Strength Index (RSI) dropping to a measly 30. The RSI line continues to oscillate below the signal line, further confirming the bearish momentum that grips our beloved PEPE.
If PEPE loses its footing and support at the lower Bollinger band ($0.00000906), it may plummet to collect the liquidity it needs at $0.00000796. However, if the bulls can maintain their grip and flip the resistance at $0.000014, it could spark a powerful upswing. Traders must keep a keen eye on the RSI line, watching for any signs of a reversal that could trigger a surge in buying pressure.
Short sellers reign supreme 📉🤑
The bearish sentiment surrounding PEPE is palpable in both the spot and derivatives markets. According to Coinglass, Open Interest has increased by 6% in 24 hours to a whopping $268 million. Yet, most of these open positions belong to the short sellers, who have been enticed by the negative Funding Rates in the last two days. The Long/Short Ratio has also fallen to 0.95, with more traders opening short positions than long ones.
Ah, my dear friend, the influx of short sellers in the market is a clear sign of the negative sentiment surrounding PEPE, as many traders anticipate a price dip. Yet, this very situation could pave the way for a rally if a sudden surge
Read More
- PSP PREDICTION. PSP cryptocurrency
- NYM PREDICTION. NYM cryptocurrency
- IP PREDICTION. IP cryptocurrency
- EUR IDR PREDICTION
- RLC PREDICTION. RLC cryptocurrency
- INJ PREDICTION. INJ cryptocurrency
- XRD PREDICTION. XRD cryptocurrency
- CTK PREDICTION. CTK cryptocurrency
- EUR INR PREDICTION
- COW PREDICTION. COW cryptocurrency
2025-02-04 20:11