The value of Pepe Coin fell today, dropping by more than 5%, following a large whale transaction. This major player deposited a staggering 366 billion PEPE into the Binance exchange, reaping an immense profit of approximately 985%. The meme-inspired cryptocurrency, Pepe Coin, has also declined today and is currently valued at $0. 00001436.
The trading volume of Pepe Coin has increased to $1. 21 billion, which is 27% higher than the previous year, which also shows an upward trend. 21% increase. The ratio of the volume to the market capitalization is 20. 56%, which means that even in such conditions there is a high level of liquidity and demand for Pepe Coin among investors.
40 mins ago, a whale deposited 366B $PEPE ($5.31M) to #Binance, realizing an est. profit of $4.84M (+985%)!
Notably, the whale shared the same deposit address as 2 other smart traders who realized a profit of $4.46M (+98%) from $PEPE 5 days ago (previous tweet👇).
Follow… https://t.co/t8q8DY0UaH pic.twitter.com/uUes3FQTeO
— Spot On Chain (@spotonchain) June 4, 2024
Another dump by a whale of Pepe Coin also led to a sell-off that may have affected the market. This transaction is a considerable part of the coin’s market capitalization, which is approximately $6. 20 billion. This has created controversies and discussions on the future shifts in the prices of the products.Â
The transaction by the whale as per SpotOnChain indicates that the whale has been booking profits after the recent price fluctuations. Such large-scale trades often lead to speculation on the future direction of the price and the market is always watching these events.
Pepe Coin is Under Pressure Near the key Support of $0. 00001402
The analysis of Pepe Coin price shows that the current trading session started slightly higher but was immediately under pressure from sellers and reached a new intraday low. The large holder selling 366 billion of PEPE has led to increased volatility and has created a bearish market. The price volatility is due to investors’ risk aversion and the effect of large orders on the market.
The daily chart technical analysis shows that Pepe Coin may be subjected to further bearish pressure in the short term. The Relative Strength Index (RSI) is close to the oversold level, which means that the coin is likely to be under selling pressure. The MACD also indicates a bearish crossover, which supports the possibility of further declines.
