Whales Eye $500 Million Support: Is a Pepe Coin Surge Imminent?
The price of Pepe Coin has moved by 0% in the past 24 hours, sticking to $0.00001225 as the crypto market as a whole gains by 1.5% today.
Despite its inertia, PEPE has actually risen by 14% in a week, although it’s down by 22% in the last 30 days.
But with the popular meme token holding onto a strong 700% increase in a year, its longer term momentum should help it recover strongly from recent downturns.
PEPE’s chart is in an intermediate position at the moment, capable of either further gains or losses.
After touching 75 a couple of days ago, the token’s relative strength index (purple) has declined to under 50 this morning, indicating a loss of momentum.
However, it’s possible that this is mostly a blip, given that PEPE’s 30-day average (orange) recently climbed over its 200-day (blue), providing a sign that it had entered a growth phase.
More than $500 million of trading volume flooded in at the support level, indicating huge whale interest at these levels.
That said, recent transfer data has shown that some whales may be preparing to sell their PEPE holdings, with the past few days seeing one larger trader send 1.1 trillion PEPE (c. $14 million) to Binance.
PEPE whale capitulated and deposited 700B $PEPE($7.8M) into #Binance 5 hours ago.
He currently has 800B $PEPE($9.23M) left, with a total loss of ~$3.5M.
Address:
0x83768992b44f9aFad68889CA59F36507fe00d8F7 pic.twitter.com/X94OunDf05
— Lookonchain (@lookonchain) June 25, 2024
Others have done something similar, although the coin may be through the worst of it already, seeing as how it fell from about $0.00001315 to $0.00001245 early on Wednesday morning.
It has struggled to recover significantly since this drop, although it hasn’t fallen any further, suggesting that it may
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