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Highlights
- A whale transfers 357.2 billion PEPE tokens to Binance amid a price dip, sparking market speculation.
- PEPE's price decline of over 10% in the past week highlights the volatile market conditions.
- Key support levels and Fibonacci retracement analysis suggest potential future price movements for PEPE.
A cryptocurrency whale just made a massive move with PEPE tokens. They transferred a staggering 357.2 billion PEPE, valued at over $4 million, to Binance. This huge transaction happened right as PEPE’s price took a dip. The crypto community is buzzing about what this whale’s actions could mean for PEPE’s market going forward.
PEPE Market Fluctuations and Whale Activity
Meme cryptocurrency PEPE has taken a beating lately, dropping over 10% in the past week according to on-chain data. A major holder with the address 0xf22…a685c had to reduce their position. They initially withdrew 548 billion PEPE tokens from a centralized exchange at an average price of $0.00001341, worth around $7.35 million.
However, in the last 16 hours, this holder sent back 357.2 billion PEPE to Binance through two transactions at a lower price of $0.00001157. The first transfer was 170.3 billion tokens, and the second was 186.95 billion, totaling $4.14 million.
If sold at the current rate, this would result in a $660,000 loss, with the remaining tokens still being underwater by $320,000. This move suggests the whale is repositioning strategically, perhaps expecting further dips or preparing for new opportunities in the market.
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PEPE Market Analysis and Future Prospects
PEPE is currently trading at around $0.00001208, with a massive 24-hour trading volume of over $954 million. However, the price has dipped by 0.35% in the last day and a more significant 7.08% over the past week. With a circulating supply of 420 trillion PEPE tokens, the total market cap stands at roughly $5.09 billion. The token is fluctuating between $0.00001217 and $0.00001137. Open interest in PEPE futures has declined by 8.20%, now valued at $79.1 million.
According to Coingape’s analysis, market consolidation led to a V-top reversal from $0.00001725, causing a 37.2% plunge to $0.0000108 and the market cap dropping to $4.54 billion. Currently, PEPE’s price is teetering on a potential breakdown from the critical $0.0000114 support level, which coincides with the 50-day exponential moving average and 38.2% Fibonacci retracement.
If this support is breached, it could intensify selling pressure and potentially drive the price down to $0.000009. The Fibonacci tool identifies $0.000009 and $0.000007 as key levels corresponding to the 50% and 61.8% retracements, where buyers may step in to reverse the downtrend.
Also Read: Bitcoin Price Bull Run Is Intact As Per These Five On-chain Metrics
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