PEPE Sees $5M Whale Transfer: Is a Selloff on the Horizon?

Traders are holding their breath after the whale tracking platform Whale Alert shared on X yesterday that a whale has transferred a massive amount of Pepe (PEPE). According to the post, 4,539,930,825,193 PEPE was transferred from an unknown wallet to Binance. The transferred PEPE is estimated to be worth $5,562,913.

🚨 4,539,930,825,193 #PEPE (5,562,913 USD) transferred from unknown wallet to #Binancehttps://t.co/RaE5uhVRtA

— Whale Alert (@whale_alert) October 26, 2023

Only time will tell whether the whale plans to sell his holdings to benefit from PEPE’s exceptional week in the cryptocurrency market. Meanwhile, at press time, PEPE was trading hands at $0.00000119 after its price experienced a slight 1.67% decrease throughout the past day of trading, according to CoinMarketCap.

PEPE’s 24-hour trading volume also ended up decreasing by over 24%, which left it settling at $378.64 million. PEPE’s performance also led to its market cap slipping to $498.53M, which ranked the meme token as the 70th largest token by market capitalization.

Nevertheless, PEPE’s success over the past few days was still very evident in its longer-term performance. PEPE still occupied the top spot on CoinMarketCap’s trending list as its price surged by 82.34% in the past week. Additionally, PEPE’s price was up by 69% on its monthly time frame as well.

Daily chart for PEPE/USDT (Source: TradingView)

PEPE was able to break above the $0.0000011550 resistance level over the past few days. It then attempted a challenge at the subsequent barrier at around $0.0000013780 during yesterday’s trading session. However, it was only able to reach a peak of $0.0000013570 before closing off the trading session at $0.0000012075.

Since then, the meme coin’s price has retraced and almost dropped below the recently flipped mark at $0.0000011550. This attempt by sellers to push PEPE’s price below this level was foiled by bulls, who gave the cryptocurrency’s value a much-needed boost.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Source