Amid the ongoing downward movement in the broader crypto market, Pepe (PEPE), a popular meme coin, is drawing attention due to recent whales’ activity. Today’s metrics reported by the Data Nerd indicate that two whales have deposited 410 billion PEPE tokens to various exchanges.
Whales transferred 410 billion PEPE
According to a post shared on X today, the first whale, who is identified to be Cumberland, deposited 247 billion PEPE (worth $1.5 million) to Robinhood. Then, a few hours later, the second whale deposited 163 billion PEPE (valued at $1.01 million) to Binance.
While the intentions of these deposits are unclear, they suggest that these investors could be preparing to sell their coins or manage their positions for further investment opportunities.
However, these whales can trigger drastic price drops if they decide to recoup profit by selling such large quantities of holdings. If they have been buying PEPE coins at lower prices, they could be looking to sell when prices surge to gain better returns.
Whales have the capacity to sway market sentiment. Their decision to put these tokens on sale might cause panic among small investors, influencing them to liquidate their holdings as well, which could stagnate upward movement.
PEPE price updates
PEPE has been witnessing difficulties for recent weeks, as indicated by price falls on daily and weekly timeframes. Its price has been down 14.7% and 25.9% over the past week and two weeks ago, respectively. The token’s price is currently standing at $0.00000629, up 0.5% over yesterday.
While this downswing has raised alarm among token holders about possible losses, on-chain indicators show favourable results concerning the asset’s price movement.
First, metrics from Coinglass indicate that PEPE’s Open Interest (IO) has increased by 8.50% over yesterday. This signifies that traders are increasingly creating positions in the market, showing interest in the asset. This heightened confidence and demand suggest a potential price increase.
From a technical perspective, PEPE’s value is currently moving within a symmetrical triangle pattern. This pattern is typically a bullish setup that often suggests token acquisition – a sign of a bullish breakout from the downtrend. This indicator shows that despite the ongoing decline, the token is gradually experiencing rising buyer activity. It appears that these are long-term purchasers who are unbothered by the current downturn, as they are optimistic about future potential price growth.
Lastly, this symmetrical triangle pattern indicates that PEPE is oscillating between support and resistance regions, making preparations for a likely breakout. In case the breakout happens, PEPE is likely to see a price jump by 25.59%, climbing to the resistance levels of $0.00000737 and $0.00000790. However, before this rise, a decrease to support levels of $0.00000615 and $0.00000573 is anticipated.
