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Pepe Coin Whale dumps 1 Tln coins on Binance, risk of price falling further?
The Pepe coin has generated serious concerns among investors in the shadow of crypto market downward trajectory today, June 18th. Showing signs of correction over the past 24 hours, the frog-themed meme coin has attracted bearish sentiments in the market, further amplified by a colossal whale sell-off. Notably, more than 1 trillion PEPE has been dumped on Binance, according to on-chain data that has emerged in the market. This sparked a whirlwind of speculation about the future trajectory of Pepe coin prices.
Whale unloads 1.15 trillion coins, raising investor concerns
According to data simplified by Whale Alert, 1.15 trillion PEPE, worth US$12.34 million, were poured into Binance by an unknown address, 0x835678a6. This massive transaction brings considerable selling pressure to the asset. Furthermore, a sense of reduced market confidence in the asset’s future potential is highlighted by the colossal sell-off.
However, despite the massive dump, the whale in question held a substantial amount of PEPE, along with other tokens. According to Etherescan data, the whale’s assets included 6.77 trillion PEPE, valued at $71.86 million, and 2.19 trillion SHIB, worth $39.51 million. The remaining holdings span a variety of tokens such as LINK, MATIC, RNDR, OM and more.
However, the price of PEPE plummeted, in line with the usual market sentiments with such dumping.
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PEPE price drops
As mentioned above, PEPE price showed signs of correction, dropping 9.21% in the last 24 hours to $0.00001055. The token’s daily lows and peaks are $0.000009865 and $0.00001176, respectively.
Data from Coinglass shows that Pepe coin has seen substantial liquidations from yesterday to date, collectively totaling $6.78 million. This can also be attributed to PEPE’s recent price correction.
PEPE Futures OI fell 14.52% to US$109.67 million, highlighting the decline in investor interest in the futures market. However, derivatives volume increased by 79.19% to $1.96 billion, possibly due to speculative trading.
The RSI fluctuated at 38, underlining the downward pressure on the asset. More downward pressure could push the coin into oversold territory, setting it up for a potential price recovery in the future. Furthermore, a potential crypto market recovery could fuel a strengthened price movement in the near future.
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