PEPE Whale Offloads 396 bln Tokens, Sell Signal or What?

PEPE Whale Sells 396 Billion Tokens: Market Signal or Minor Blip?

On August 9, 2024, blockchain analytics firm Lookonchain posted on X (formerly Twitter) about a significant transaction involving a Pepe (PEPE) whale. The post revealed that the whale had recently transferred 395.92 billion PEPE tokens, worth $3.4 million, to Binance.

Whale's Dumping Activity

Despite a recent market recovery and bullish breakout for PEPE, the whale proceeded to sell these tokens. However, despite the dump, the whale realized a total profit of over $5.06 million, yielding an impressive return on investment of approximately 200%.

Whale's Trading History

After depositing all of the remaining 395.92 billion PEPE tokens into Binance, the whale's PEPE holdings reached zero. According to Lookonchain, the whale initially withdrew 795.92 billion PEPE tokens, worth $2.55 million, from Binance on March 1, 2024. Subsequently, the whale sold 400 billion PEPE tokens for $4.22 million on August 1, 2024, and then the 395.92 billion tokens worth $3.4 million today.

Market Impact

The whale's previous token dump had caused a price drop of over 16% in PEPE. While the recent dump did not elicit a significant market reaction, historical data suggests a potential for a slight dip.

PEPE Price Analysis

At the time of writing, PEPE is trading close to $0.0000083, having gained over 2% in the past 24 hours. Its trading volume has also increased by 10% during the same period, indicating heightened investor interest.

PEPE Price Prediction

Technical analysis indicates a bullish trend for PEPE, as it moves above the 200 Exponential Moving Average (EMA) on a daily time frame. This suggests an uptrend for the asset.

Conclusion

The PEPE whale's selling activity is a noteworthy event that may influence the token's price in the short term. However, investors should exercise caution and conduct thorough research before making any investment decisions.