Whale Sells 114 Billion PEPE, Impacting Market Sentiment and Price Dynamics
In the midst of ongoing turbulence in the cryptocurrency market, recent developments surrounding Pepe Coin (PEPE) have garnered significant attention. Despite a drop in PEPE’s price, a large whale transaction indicates the possibility of a bullish trend.
According to data from on-chain tracking platform Lookonchain, a major PEPE trader sold off all 114.7 billion PEPE for 366.5 ETH (approximately $1.27 million) at a break-even price. The trader had originally bought the 114.7 billion PEPE for $1.27 million at $0.000011 on May 14 and May 15.
This particular sell-off may have contributed to the recent price decline, shaking investor confidence. However, such a significant transaction could also signal a potential market bottom, as a major holder’s capitulation may precede a price rebound.
Following a peak price of $0.000017 on May 27, where the trader’s profit reached $670,000, a 50% increase, the trader chose not to sell. Subsequently, PEPE’s price started to drop, eventually falling below the break-even point, leading the trader to liquidate all holdings.
Yesterday, PEPE hit a 26-day low of $0.00001057. Currently, PEPE is down 0.57%, trading at $0.00001199. Over the past week, it has decreased by 6.59%. Notably, PEPE reached its all-time high 19 days ago, which is 30% higher than its current price.
What’s Next for PEPE?
At the moment, PEPE is trading at $0.00001198 with a 0.58% decline and a 21.29% increase in trading volume. The three main resistance levels for PEPE are at $0.00001530, $0.00001722, and $0.00002072, while the support level is at $0.00001192.
The daily Relative Strength Index (RSI) stands at 46, suggesting that the coin is approaching oversold conditions. As PEPE continues to navigate through this volatile period, market observers are closely monitoring any signs of a potential recovery.
