Recently, an enormous transaction shook the digital currency ecosystem. A outstanding whale transferred 400 billion PEPE tokens—value about $4.22 million—to Binance.
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Strategically timed amongst the overall negative market mood, this move appears 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 currently increased the downward pressure on PEPE’s price.
A whale deposited 400B $PEPE($4.22M) to #Binance to take profits prior to now hour.
The whale withdrew 795.92B $PEPE($2.55M on 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 lively on March 1st, the whale pulled out 795 billion PEPE tokens from Binance, value $2.55 million. Even with this big withdrawal, the whale still has a good 396 billion PEPE, which implies 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 the way dangerous it’s to trade PEPE in a market that’s all the time changing.
Pepe Technical Study: Negative
PEPE is trading at about $0.00001051 as of essentially the most recent report, a 7.5% decline in price during 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 within the short future, the recent violation of the necessary support level of $0.00001075 is predicted to propel further drops.
PEPE market cap currently at $4.25 billion. Chart: TradingView.com
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 most recent development also puts into perspective PEPE’s primary 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 end in PEPE falling below $0.0000118, which might end in the liquidation of roughly $13.4 million briefly positions.
PEPE price forecast. Source: CoinCheckup
Beyond the present volatility, PEPE projections remain somewhat positive, though short-term forecasts show a major comeback with an expected 249.99% gain over the next three months.
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With expected rates of 183.50% over six months and 169.42% over one yr, the longer horizon seems as vivid. These scenarios might be excellent news for the favored meme coin because it maneuvers its way into the volatile crypto market, but all things considered PEPE might be headed in the appropriate direction.
In essence, the larger projection stays robust even when PEPE has major short-term difficulties and liquidation hazards. The direction of the token will likely be greatly shaped by the mixture of whale movements, technical indicators, and market emotion.
Featured image from , chart from TradingView