PEPE Price Plunges as Whale Moves 400B Units: What’s Next for the Meme Coin?
Release: 2024/08/01 20:39 Reading: 721
PEPE Price Dips Amid Whale Activity
Amid ongoing crypto market fluctuations, Pepe (PEPE), an Ethereum-based meme coin, has experienced a decline of approximately 8% over the past 24 hours. Trading at $0.00001045 during the New York session, Pepe's value has faced a bearish outlook after failing to maintain upward momentum.
Historical data suggests that the crypto industry may remain in a downward trend in August, supporting the bearish trend observed in Pepe's price fluctuations over the last two months.
Whale Influence: 400B Units Transferred
On-chain analysis reveals that a large investor, or "whale," recently deposited 400 billion Pepe units (worth $4.22 million) to Binance. At present, the whale holds approximately 395 billion units valued at $4.1 million.
This whale activity could potentially trigger increased selling pressure among the 266,842 Pepe holders.
Market Sentiment and Analysis
Bitcoin's fear and greed index has shifted from greed to a more neutral sentiment, indicating a potential for further bearishness.
Technically, Pepe's price has formed a bearish "head and shoulders" pattern on the daily Relative Strength Index (RSI). If the downtrend persists, support levels could be established between $0.000009 and $0.000007, aligning with the 0.5 and 0.618 Fibonacci Retracement levels.
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