- The whale exchanged 438 billion $PEPE tokens for $3.03 million, losing $434K.
- $PEPE’s price dropped 8.5% to $0.0000063, with trading volume surging by 230%.
- The technical signals indicate bearish momentum, with RSI dropping to 45 and the MACD dropping below the signal line.
A whale dumped 438 billion $PEPE tokens worth $3.03 million, resulting in a $434K loss during the last hour, as per the Lookonchain post. The significant sell-off triggered heightened volatility, raising concerns about market stability and investor sentiment.
The independent whale action further accelerated the bearish momentum, with the other entity selling 150 billion $PEPE tokens for $1.14 million. It further amplified market panic, triggering selling by retail investors. The whale, with 1.5 trillion tokens bought for just $2,184, had already sold 1.02 trillion tokens, earning a profit of $6.66 million, but still had 493 billion tokens.
The $PEPE token experienced higher trade volumes following the whale’s transaction. Trading volumes went up by 230%, with 1.2 trillion tokens being exchanged within one hour. The sharp spike is a reflection of panic selling, which is a feature of traders closing their positions rapidly following the sharp plunge of prices.
Technical Indicators Show Bearish Momentum for $PEPE
The technical signals revealed bearishness during the selling by the whale. RSI on the 1-hourly chart dipped from 65 down to 45, showing suppressed buying pressure. The MACD also crossed below its signal line, providing negative momentum and suggesting additional risks of a downtick for PEPE.
On-chain metrics reflected growing market activity with active addresses rising 30% and transactions rising 25%. Trading on exchanges also reflected growing activity, with Binance’s $PEPE/USDT volume rising 15% to 800 billion tokens and Uniswap’s $PEPE/ETH pair rising 180% to 400 billion tokens.
While showing slight rebounds, $PEPE has not been able to break out of its long-term downtrend. The PEPE token now trades at $0.0000070, down 3.01% on a 24-hour scale and down 62% on a year-to-date scale. Analysts worry that additional whale selling and a conservative broader crypto market will continue to pin $PEPE under bear pressure.
Moreover, liquidity risks appeared, with on-chain data showing a 20% increase in large transactions of more than $100,000 and a 15% increase in network fees. That is a red flag for possible market manipulation, further generating investor skepticism. Unless buying pressure increases or whales decrease selling, $PEPE may experience further drops in the next several weeks.
Read More: Pepe whale dumps 150 billion tokens as price drops 7 %
