Two whales moved a notable amount of Pepe (PEPE) tokens onto major exchanges Coinbase and Binance, sparking sell-off speculations. One whale deposited 500 billion PEPE tokens, worth approximately $11.73 million, onto Coinbase. Pepe price action will be worth noting from here.
PEPE Price Action Weakens
Compared to over 1,170 ETH (roughly $2.12 million) accumulated between May 5 and September 10, 2023, this whale was able to amass an estimated profit of $43 million with a total of 2.01 trillion PEPE.
It is a 20x gain on what the whale initially invested into PEPE, while that investor still maintains 1.48 trillion in PEPE, worth around $33.2 million.
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Another giant whale with a $43M profit deposited 500B $PEPE ($11.73M) to #Coinbase 2 hours ago!
From May 5 to Sep 10, 2023, this whale bought 2.01T $PEPE using 1.17K $ETH (cost: $2.12M). Now, they still hold 1.48T $PEPE ($33.2M) farmed with #Sophon.
Est. total profit: $43M (20x… https://t.co/uwjAobnxns pic.twitter.com/PodtPp0oq3
— Spot On Chain (@spotonchain) November 14, 2024
The other whale also made waves, transferring 526.2 billion PEPE tokens ($10.03 million) to Binance.
The whale profited around $5.04 million, or 97% profit, within eight days. This second whale decided to sell on Binance. However, the whale cashed out slightly before PEPE reached its highs that day. So, they were able to lock in tumultuous profits.
This smart whale deposited all 526.2B $PEPE ($10.03M) to #Binance 9 hours ago, locking in a $5.04M profit (+97%) after just 8 days!$PEPE surged ~61% (24H) after #Coinbase’s listing announcement. However, the whale may have exited a bit early—at the current price, its profit… https://t.co/P78wBWcH5l pic.twitter.com/Gw8lyXxAtZ
— Spot On Chain (@spotonchain) November 14, 2024
The day this incident took place, Pepe’s price surged by 78%, hitting new all-time highs. A series of recent listings on popular cryptocurrency exchanges, such as Coinbase and South Korea’s biggest exchange, Upbit, contributed to this growth’s insanity. These listings saw a 354.89% increase in trading activity. PEPE’s trading volume then was $21.92 billion, and its market cap was $8.74 billion.
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Technical Analysis: Is PEPE Due for a Correction?
In the last few days, PEPE has had a clear uptrend. It traded inside an upward channel, which experts evaluated in the meme coin’s recent charts.
The technical outlook showed a strong, solid surge in purchase activity, but increased volatility could be seen due to those whale deposits. It was evident from the recent break below the channel, signaling that the selling pressure was increasing.
The PEPE Volume Oscillator was analyzed because it showed high levels of activity in terms of increased spikes in volume and quick changes. This volatility indicator revealed that while PEPE has had some strong buying interest, the volume and trading pace could eventually be enough to flip the trade if a decent number of holders decided to take profits.
What’s more, the extremely high trading volume ratio of 250.01% was a characteristic of the speculative markets. This level of trading activity can be good and bad, as it brings attention and liquidity to the token while also creating conditions for sudden sharp price swings.
Since whales started injecting more PEPE tokens onto the exchanges, speculating that retail investors will decide to exit and lock their gains when they see this might increase the likelihood that the price will correct.
