Pepe Coin Whale Moves 1 Trillion Coins to Binance, Will Prices Plummet?
Highlights
- Pepe coin whale dumps over 1 trillion coins to crypto exchange Binance.
- The dump sparks investor concerns over a bearish outlook for PEPE ahead.
- On-chain stats fall in line with the coin's bearish movement, although chances of a potential recovery persists.
Pepe coin’s value dropped today, worrying investors amid the broader crypto market’s slump. The frog-themed meme token’s decline over the past day has soured market sentiment. Adding to concerns, a major holder dumped over 1 trillion PEPE on Binance. This massive sell-off has investors speculating about Pepe’s future price movements.
Whale Offloads 1.15 Tln Coins Raising Investor Concerns
According to data streamlined by Whale Alert, 1.15 trillion PEPE, worth $12.34 million, was dumped to Binance by an unknown address, 0x835678a6. This massive transaction brings considerable selling pressure to the asset. Also, a sense of reduced market confidence in the asset’s future potential is highlighted by the colossal selloff.
However, despite the massive dump, the whale in question held a substantial amount of PEPE, along with other tokens. According to Etherescan’s data, the whale’s holdings included 6.77 trillion PEPE, valued at $71.86 million, and 2.19 trillion SHIB, worth $39.51 million. The remaining holdings encompass a variety of tokens, such as LINK, MATIC, RNDR, OM, and more.
Meanwhile, the PEPE price plummeted, falling in line with usual market sentiments with such dumps.
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PEPE Price Dips
As mentioned above, PEPE’s price showed signs of a correction, dipping 9.21% in the past 24 hours to $0.00001055. The token’s daily bottoms and peaks are $0.000009865 and $0.00001176, respectively.
Coinglass data shows Pepe coin experienced substantial liquidations from yesterday to date, totaling $6.78 million collectively. This is also attributable to PEPE’s recent price correction.
PEPE’s Futures OI dropped 14.52% to $109.67 million, underscoring declining investor interest in the futures market. However, the derivatives volume spiked by 79.19% to $1.96 billion, possibly due to speculative trading.
The RSI hovered at 38, underlining downside pressure on the asset. Further downside pressure could bring the coin into an oversold territory, readying it for a potential price rebound ahead. Also, a potential crypto market recovery could fuel a bolstered price movement shortly ahead.
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