Alongside other meme coins, PEPE coin is also experiencing a modest price pump. Pepe coin has been creating back to back new all time highs few weeks back following which the coin has been showing muted performance.
However, this bullish movement is accompanied by a potentially bearish signal from a major whale investor.
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Pepe coin whale prepares for sell-off
According to Lookonchain, a prominent PEPE whale has made a substantial deposit of 700 billion PEPE tokens, valued at approximately $7.8 million, into Binance just a few hours ago. This move has sparked speculation about a potential sell-off in the near future.
The whale in question, identified by the address 0x83768992b44f9aFad68889CA59F36507fe00d8F7, still retains 800 billion PEPE tokens, worth around $9.23 million. However, Lookonchain reports that this investor has incurred a total loss of approximately $3.5 million, which may be driving the decision to liquidate a portion of their holdings.
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Show more +Technical Analysis Suggests Bullish Outlook
Despite the concerning whale activity, several crypto analysts remain optimistic about PEPE’s short-term prospects based on technical analysis:
- Analyst Bluntz notes that PEPE has completed a “nice 5 wave rise and abc back down,” suggesting a potential bullish continuation. Importantly, PEPE has managed to avoid making new lows during the recent market-wide downturn, setting it apart from many other altcoins.
- ChartMonkey, sharing analysis by RLindaTrade, points out that PEPE has broken out of a descending channel on local timeframes. This breakout could signal the end of a correction phase and the beginning of a new bullish uptrend.
- Davie Satoshi observes that PEPE is touching the upper channel of its price range and looking to break through. The analyst speculates that this could be an indication of an impending altcoin and memecoin season, even as Bitcoin (BTC) struggles.
The conflicting signals surrounding PEPE – the bullish technical analysis versus the potentially bearish whale activity – highlight the uncertainty about the future trajectory of Pepe coin.
PEPE’s current bullish run is unfolding against a backdrop of general market uncertainty. Bitcoin’s recent struggles have led many investors to seek opportunities in altcoins and meme coins. This could explain the increased interest in PEPE despite the overall market conditions.
Read more: Meme Coins Recover: dogwifhat (WIF) and Floki inu (FLOKI) Lead the Rally
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