Recently, a massive transaction shook the digital currency ecosystem. A prominent whale transferred 400 billion PEPE tokens—worth about $4.22 million—to Binance.
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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…
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