Whale Shifts 400 Billion Tokens to Binance: PEPE Price Plunge Ahead?
Over the past 24 hours, the PEPE price has crashed 5.11% amid a wider market decline, with meme coins down an average of 4.01%.
Notably, a significant whale transfer of 400 billion PEPE on August 1st, worth $4.22 million, seems to have stirred investors.
A whale deposited 400B $PEPE($4.22M) to #Binance to take profits in the past hour.
The whale withdrew 795.92B $PEPE($2.55M at the time) from #Binance on Mar 1 and currently has 395.93B $PEPE($4.18M) left.
His total profit on $PEPE is $5.85M, the ROI is 230%!… pic.twitter.com/o7T1ihjoq9
— Lookonchain (@lookonchain) August 1, 2024
Today’s drop pushes PEPE further into the red, falling 15.52% below last Friday’s prices. Although more significant, this coincides with declines observed from most other notable altcoins .
Indeed, with this significant transfer, trader activity appears elevated. The meme coin’s trading volume has surged 34.50% over the past 24 hours to 820.88 Million.
Yesterday’s whale transfer seems to have spearheaded PEPE’s decline over the past 24 hours, despite an attempted recovery since, PEPE appears poised for further downside.
Most significantly, PEPE’s relative strength index (RSI) (purple) has been suppressed below the 50 mark since the transfer, currently at 40.
Although it has not reached oversold territory, this neutral stance leans bearish, indicating shaken confidence as buying pressure fails to push it out of this range.
Although these indicators set a negative precedent for the near term, Wider trends point towards the bearish trend persisting. The 20DMA (yellow) is currently on a steep decline, sitting far below the 200DMA (blue) in its downtrend.
Both the short-term and long-term trends point towards the downside. Therefore, traders
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