- PEPE Whale deposited 502.5 billion tokens worth $6.47 million to Binance.
- The PEPE Whale still holds 497.5 billion tokens valued at $6.41 million.
- PEPE price dropped 11 percent in the last 24 hours to around $0.00001288.
PEPE Whale activity has triggered renewed attention as the meme coin recorded an 11% drop in the last 24 hours. With that, the market cap also dropped by over $650 million, making the price in the range of $0.00001288. A large whale transaction to Binance has changed market sentiment towards a crucial turning point, especially now with such a sudden price dip.
On-chain data identified the PEPE Whale as address 0x3c9E, which deposited 502.5 billion tokens worth $6.47 million. Despite the large deposit, the whale still holds 497.5 billion PEPE, valued at $6.41 million. The entity has already raked in $7.47 million (around £5.70 million) in profits just last month and has a sell-off running, which makes one question whether the sell-off will continue.
The whale’s move caused the market to react sharply, and the price moved deeper into the short-term support region. Pressure is now building around the lower end of the price band; many traders are watching key levels. Sentiment also remains on edge because the whale chose to move that amount to Binance.
PEPE Price Faces Support Test
PEPE has dropped below the 20-day simple moving average and is now touching the lower Bollinger Band. Oversold territory is approached which may allow a temporary price reaction. Still, bearish momentum is growing as evidenced by the growing gap between the MACD lines.
$0.0000120 – $0.0000124 is the immediate price support, below which $0.0000100 may be next. This lower range could break, which would be a sign of even more weakness heading for the token. But a bounce from here would threaten resistance at $0.0000135 and beyond to $0.000015.
The PEPE Whale action remains a primary factor influencing price behavior this week. Downward trading volume and technical signals start to show weakening bullish strength. Furthermore, there is consistent pressure to the lower Bollinger Band suggesting downward bias.
PEPE Whale Profits as Bulls Weaken
Earlier this month, PEPE rebounded sharply from $0.000006, rallying more than 45% over several days. Though that move has taken place, recent losses from the declines suggest that bulls might now be running out of steam. The PEPE Whale’s profit-taking reinforces the potential for increased volatility.
The token is currently trading below a key regression support identified around $0.000013 and is staring to fight to regain it. If the price surpasses this level, it could head towards the $0.000025 target some analysts have pointed to. But the coin would have to keep the upper hand over its short-term pocket support area to refrain from further losing ground.
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