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Highlights
- A crypto whale has deposited 588 billion PEPE tokens on Kraken, raising concerns about a possible crash amid the price recovery.
- The Pepe Coin price surged 6% today to $0.00001849, driven by increasing investor demand.
- PEPE could face a downtrend with a Whale sell-off, but continuation of trend could push price to $0.000036.
The famous frog-themed meme coin, Pepe Coin, finally moved on the recovery trail after the market crash on January 13. The token has declined significantly from ATH, set barely a month ago, but the current recovery could get things better for the PEPE unless whale deposits crash the price again. One mega crypto whale deposited a massive 588B PEPE, generating the possibility of a crash in one condition. Let’s discuss the Pepe Coin price situation and the consequences of this massive dump.
Pepe Coin Whale Dumps 588B With Massive Profits
According to the Data Nerd guy, a crypto whale with wallet address 0xBE2 has deposited a staggering 588B PEPE token, equivalent to $10.99M on the Kraken. For now, the Pepe Coin whale has just deposited the holding on the popular crypto exchange, raising questions about possible sell-offs and their consequences on price.
Interestingly, the whale has held these cryptos for seven months and accumulated these for $5.2M. With high patience, the whale now has $7.34M in unrealized profits, with a current PEPE price of $0.00001849. With this, the whale has achieved an ROI of 141% and may grow even higher as the frog memem coin completes recovery, but the deposit on Kraken may indicate a selling mindset.
This move has raised questions about the whale’s intention and the possibility of a significant sell-off, impacting the Pepe Coin price.
How Would Crypto Whale’s Decision Impact The PEPE?
The Pepe coin currently trades at $0.00001849, with a 6% recovery in the last 24 hours. This happened as investor sentiments pulled the market out of the crash with rising anticipation around Trump’s inauguration. The frog meme coin has witnessed increased investor interest in the last 24 hours, with a 60% surge in trading volume or $1.1B. Although this is a positive indicator of recovery, it may also signal volatility. However, the growth of open interest showed a different outcome. As per the Coinglass derivative data, PEPE’s OI is consistent, but the yearly charts presented rises and dip from time to time, explaining the price drops and consolidation.
At present, the PEPE price is rising amid the buying pressure, where short-term bullish sentiments have influenced the value of the token. However, such sentiments do not last long, and the aforementioned whale’s selling could worsen things. For now, crypto whale sentiment is unclear, but a sell-off could affect price negatively. If the whale keeps holding the token, it can boost investor sentiments, helping the price uptrend on the long-term prospects. The broader market sentiments, Bitcoin price performance, and macroeconomic events would bring better clarity to this matter.
Pepe Coin Price Prediction: Will It Crash Next?
The PEPE is moving bullishly today, but the technical indicator presents the possibility of a trend reversal. In this, the aforementioned whale’s involvement could worsen things. On analyzing the charts, the critical support is at 0.00001558; a move below this would result in a downtrend. However, in contrast, if the price cleared the resistance at 0.00002624, it could result in a further uptrend. A crypto analyst, CW, believes Pepe coin’s next price target is $0.000036 with bullish sentiments.
Overall, uncertainties surround the market, and external factors could influence its value in multiple directions. Even in the case of Pepe Coin price performance, the bulls and bears battle is constant, but the whale sell-off could result in the dominance of selling pressure, favoring a crash. Investors should look at the critical key points mentioned above.
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