Whales on the Move? PEPE Price Drops 4% Amid $700M Volume
The Pepe price has fallen by more than 4% in the past 24 hours, with its decline to $0.000007858 coming as the market as a whole also loses 4% today.
PEPE is now flat in the past week, but down by 25% in a fortnight and by 33% in a month, marking a difficult period of the meme token.
Yet with the coin retaining a 460% increase in a year, and with its volume holding steady at $700 million today, it remains in a good position to rebound strongly soon.
PEPE may be taking the heat today, but it is at least moving into the kind of oversold position that usually results in nice recoveries.
For instance, its relative strength index (purple) has subsided to 40 today, raising the need for a comeback soon.
It’s much the same story with PEPE’s 30-period moving average (orange), which has been below the 200-period average (blue) for well over two weeks now.
In other words, the market has oversold Pepe, and the token is now below what had previously been considered a ‘fair’ price.
This is encouraging, but in the near term it seems that whales are likelier to sell the coin and buy it, as recent transfer data shows.
A whale sold 500B $PEPE($4M) at a loss 15 minutes ago!
The whale accumulated 750.38B $PEPE($8.34M) from #Kraken at the high prices and deposited 500B $PEPE($4M) into #Kraken 15 minutes ago, leaving 250.33B $PEPE($2.02M).
The whale lost more than $2.3M on $PEPE!… pic.twitter.com/bYfbxKexRz
We may therefore see Pepe continue to struggle in the next few days, before bouncing back.
A bigger recovery, however, may not come until the market as a whole is in a fundamentally more bullish position.
Recent weeks have brought fears over the direction of the US economy, which has impacted confidence.
But we’re now not very far from September, which
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