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Whale transfers 357.2 billion PEPE to binance amid price crash, what’s next?
A cryptocurrency whale just made a big move with PEPE tokens. They transferred a whopping 357.2 billion PEPE, valued at over $4 million, to Binance. This huge transaction happened exactly when the price of PEPE fell. The crypto community is excited about what this whale’s actions could mean for the future of the PEPE market.
PEPE market fluctuations and whale activity
Cryptocurrency meme PEPE has taken a beating lately, dropping more than 10% last week, according to network data. A major holder with address 0xf22…a685c had to reduce his position. They initially withdrew 548 billion PEPE tokens from a centralized exchange at an average price of $0.00001341, worth about $7.35 million.
However, in the last 16 hours, this holder returned 357.2 billion PEPE to Binance through two transactions at a lower price of $0.00001157. The first transfer was 170.3 billion tokens and the second was 186.95 billion, totaling US$4.14 million.
If sold at the current rate, this would result in a loss of $660,000, with the remainder files still being underwater for $320,000. This movement suggests that the whale is repositioning itself strategically, perhaps expecting further declines or preparing for new opportunities in the market.
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PEPE Market Analysis and Future Prospects
PEPE is currently trading at around $0.00001208 with a massive 24-hour trading volume of over $954 million. However, the price fell by 0.35% in the last day and a more significant 7.08% in the last week. With a circulating supply of 420 trillion PEPE tokens, the total market value is approximately $5.09 billion. The token is fluctuating between $0.00001217 and $0.00001137. Open interest
in PEPE futures decreased 8.20%, now valued at US$79.1 million.
According to Coingape Review, market consolidation led to a reversal from the V-top of $0.00001725, causing a 37.2% drop to $0.0000108 and the market capitalization falling to $4.54 billion. Currently, PEPE price is teetering on a potential breakout of the critical support level of $0.0000114, which coincides with the 50-day exponential moving average and the 38.2% Fibonacci retracement.
If this support is breached, it could intensify selling pressure and potentially drive the price down to $0.000009. The Fibonacci tool identifies $0.000009 and $0.000007 as key levels corresponding to the 50% and 61.8% retracements where buyers can intervene to reverse the downtrend.
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