How Will the 114 Billion PEPE Dump Impact Its Future?

Whale Sells 114 Billion PEPE, Impacting Market Sentiment

The cryptocurrency market remains tumultuous, and Pepe Coin (PEPE) has garnered attention amidst the fluctuations. Despite a price decline, a significant whale transaction hints at potential bullishness.

Lookonchain, an on-chain data tracker, reports that a major PEPE trader liquidated 114.7 billion PEPE for 366.5 ETH ($1.27 million), breaking even on their initial investment from May 14-15.

This sell-off may have contributed to the recent price drop, eroding investor confidence. However, such large transactions can signal a potential market low, as capitulation by major holders often precedes a rebound.

PEPE's price spiked to $0.000017 on May 27, yielding the trader a profit of $670,000 (50%). However, the trader did not sell during that peak, and PEPE's price subsequently declined below their breakeven point, prompting their full liquidation.

On [Yesterday], PEPE hit a 26-day low of $0.00001057. As of writing, it trades at $0.00001199, down 0.57% and 6.59% over the past week. Notably, PEPE reached its all-time high 19 days ago, 30% above its current price.

PEPE's Outlook

PEPE currently trades at $0.00001198, down 0.58%, with a 21.29% increase in trading volume. Its key resistance levels stand at $0.00001530, $0.00001722, and $0.00002072, while its support level is at $0.00001192.

The daily Relative Strength Index (RSI) is at 46, indicating that the coin is nearing oversold conditions. Market observers monitor PEPE's trajectory during this volatile period, anticipating potential signs of recovery.