Whale moves 9 Trillion PEPE tokens, Are bulls back?
Release: 2024/07/10 00:09 Reading: 908
Pepe Whale Transfer Amidst Crypto Market Fear
In the current turbulent cryptocurrency market, where fear among traders and investors is at its peak since January 2023, blockchain-based transaction tracker Whale Alert reported a significant transaction on July 9, 2024.
According to the post, an unknown whale moved an astounding 9 trillion Pepe (PEPE) tokens, worth approximately $83.25 million, from the centralized exchange Bybit.
Implications for Pepe's Value
This massive transfer from an exchange to a wallet suggests potential accumulation in anticipation of the imminent approval of a second Ethereum (ETH) ETF in the United States. PEPE, an Ether-based meme coin, stands to benefit significantly from such approval.
However, despite this impressive transfer, the PEPE token price remains bearish. At the time of writing, it trades around $0.0000089 and has suffered a price decline of over 2% in the past 24 hours. This bearish sentiment is reflected in a 22% drop in trading volume, indicating diminished interest.
Long-Term Performance and Technical Outlook
Over a longer time frame, PEPE has exhibited a nearly 20% price decline. In the past 30 days, it has lost approximately 30% of its value.
Technical analysis suggests a bullish outlook for PEPE on longer time frames, as it is trading above its 200-day Exponential Moving Average (EMA). This signals potential bullishness. Additionally, PEPE is finding support at the 200 EMA.
Further support for a bullish outlook comes from the Relative Strength Index (RSI) on a daily time frame. The RSI indicates that PEPE is in an oversold area, suggesting potential price recovery. The Fibonacci retracement also points to a bullish outlook, with the current level trading above the golden ratio of 38.2%.
Data and technical indicators suggest a high probability that PEPE could surge over 45% to reach the $0.000013 level.
Other Meme Tokens
Notable meme tokens such as Dogecoin (DOGE), Shiba Inu (SHIB), and Dogwifhat (WIF) have also experienced slight price increases in the past 24 hours. CoinMarketCap data reveals that DOGE has declined by 1%, SHIB by 0.95%, and WIF by 0.5% over the same period.
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