Whales Move Pepe Tokens, Sparking Sell-Off Concerns

Two whales have transferred significant amounts of Pepe (PEPE) tokens to major exchanges Coinbase and Binance. This has raised concerns about potential sell-offs.

Whale Deposits on Coinbase

One whale deposited 500 billion PEPE tokens, valued at approximately $11.73 million, onto Coinbase. This move has sparked speculation that the whale may be preparing to sell their tokens, which could negatively impact the price of PEPE.

Whale Amasses Profits

The same whale has accumulated an estimated profit of $43 million by amassing a total of 2.01 trillion PEPE tokens. This represents a 20x return on their initial investment, and they still hold 1.48 trillion PEPE tokens worth around $33.2 million.

Another Whale Transfers to Binance

Another whale transferred 526.2 billion PEPE tokens ($10.03 million) to Binance. Within eight days, this whale profited around $5.04 million, or 97%. However, they sold on Binance before PEPE reached its highs, locking in their profits.

Pepe Price Surge and Listings

Prior to the whale movements, Pepe's price surged by 78%, hitting new all-time highs. This growth was attributed to recent listings on Coinbase, Upbit, and other popular cryptocurrency exchanges. These listings increased trading activity by 354.89%, with Pepe's trading volume reaching $21.92 billion and its market cap reaching $8.74 billion.

Technical Analysis: Correction Due?

Technical analysis of Pepe's recent charts indicates a clear uptrend with an upward channel. However, the whale deposits have introduced increased volatility, as evidenced by a recent break below the channel.

The PEPE Volume Oscillator shows high levels of activity, indicating strong buying interest but also suggesting that the volume and trading pace could potentially lead to a price correction if a significant number of holders decide to take profits.

The high trading volume ratio of 250.01% is characteristic of speculative markets and can create conditions for sudden price swings. With whales introducing more PEPE tokens onto the exchanges, it is possible that retail investors may sell to lock in their gains, potentially leading to a price correction.