Whale Transfers $4.2 Million PEPE To Binance – Selling Pressure Ahead?
2024年8月2日 - 9:30PM
NEWSBTC
Recently, a massive transaction shook the digital currency
ecosystem. A prominent whale transferred 400 billion PEPE
tokens—worth about $4.22 million—to Binance. Related Reading: GRT
Market Signals 12% Drop: Is A Turnaround Possible? Strategically
timed among the general negative market mood, this move seems to be
a deliberate one for partial profit booking. The whale’s behavior
corresponds to the breach of a critical support level around
$0.00001075, a key threshold that has lately increased the downward
pressure on PEPE’s price. 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 Previously active on
March 1st, the whale pulled out 795 billion PEPE tokens from
Binance, worth $2.55 million. Even with this big withdrawal, the
whale still has a decent 396 billion PEPE, which means it has an
unrealized profit of $5.85 million, or a 230% return on investment.
This amazing financial dance shows how smart the whale is and how
dangerous it is to trade PEPE in a market that is always changing.
Pepe Technical Study: Negative PEPE is trading at about $0.00001051
as of the most recent report, a 7.5% decline in price over the last
24 hours. Concurrently, trade volume has jumped by 14%, indicating
a change in market involvement and investor participation.
Technical study shows a pessimistic view of the cryptocurrency
despite this higher activity. With forecasts showing a possible 20%
collapse in the short future, the recent violation of the important
support level of $0.00001075 is expected to propel further drops.
The 200 Exponential Moving Average (EMA) suggests PEPE may find
support around $0.0000852. Despite the gloomy market, this
technical indicator suggests price stabilization. Technical
indicators and market dynamics challenge PEPE’s prospects.
Liquidation Levels And Possible Rebound The latest development also
puts into perspective PEPE’s main liquidation thresholds, which lie
on the lower end at $0.000010 and on the upper end at $0.0000118.
Should the bearish mood persists, the meme coin may experience a
downward motion below $0.000010, forcing the liquidation of around
$2.04 million in long bets. Conversely, a shift in market sentiment
could result in PEPE falling below $0.0000118, which would result
in the liquidation of approximately $13.4 million in short
positions. Beyond the current volatility, PEPE projections remain
somewhat positive, though short-term forecasts show a significant
comeback with an expected 249.99% gain over the following three
months. Related Reading: Can Bitcoin Cash (BCH) Go Up 680% This
Week? This Analyst Believes So With expected rates of 183.50% over
six months and 169.42% over one year, the longer horizon seems as
bright. These scenarios could be good news for the popular meme
coin as it maneuvers its way into the volatile crypto market, but
all things considered PEPE could be headed in the right direction.
In essence, the larger projection stays robust even if PEPE has
major short-term difficulties and liquidation hazards. The
direction of the token will be greatly shaped by the combination of
whale movements, technical indicators, and market emotion. Featured
image from , chart from TradingView
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