Major PEPE Whale Takes Profits: $5.85 Million Gain

Whales Profit from Massive PEPE Transfer to Binance

Within the past hour, a whale sent 400 billion PEPE (approximately $4.22 million) to Binance for profit-taking purposes. This brings the whale's total PEPE holdings to 395.93 billion, currently valued at $4.18 million. Notably, on March 1, the whale withdrew 795.92 billion PEPE (approximately $2.55 million) from Binance.

The whale's trading strategy has resulted in a remarkable 230% return on investment, yielding a profit of $5.85 million.

Technical Analysis

Examining the PEPE/USDT chart from TradingView, it becomes apparent that the asset has experienced a recent decline that has stabilized just above the pivotal 50 EMA (Exponential Moving Average).

A breach below this support level could indicate further bearish momentum. The 50 EMA is currently situated just above PEPE's current price of $0.00001055.

The relative strength index (RSI) stands at 54, indicating a slowdown in momentum but not yet reaching oversold levels.

Market Outlook

The whale's significant sell-off and the subsequent decline have raised concerns about increased selling pressure in the market. Traders should watch for potential support levels around $0.00001046 and $0.00000846 if PEPE fails to maintain its position above the 50 EMA.

These levels may provide temporary stability and support for potential recovery. However, caution is advised due to the whale's profit-taking behavior and the current technical indicators.

Conclusion

Major sell-offs by significant holders can trigger further price drops and heighten volatility. Nevertheless, PEPE may find some stability and attract buyers at these lower levels if it manages to remain above the 50 EMA.