In a recent analysis by Lookonchain, a renowned crypto whale analyst on Twitter, a series of significant transactions involving the meme cryptocurrency $PEPE were highlighted. These transactions, involving substantial sums of money, have sparked discussions and speculations about the future of this volatile digital asset.
On a recent date, a crypto whale withdrew a whopping 2 trillion $PEPE tokens, equivalent to $3 million, from Binance, one of the world’s leading cryptocurrency exchanges. This transaction occurred just 30 minutes prior to the report, indicating a sudden and significant move by the whale.
This is not the first time such a large-scale transaction has taken place. Lookonchain pointed out that the same whale had previously withdrawn 3.94 trillion $PEPE tokens, valued at $6.46 million at the time, from Binance on June 27 and July 5.
Interestingly, these tokens were deposited back into Binance on July 14, at a higher value of $7.06 million, resulting in a profit of approximately $600,000 for the whale. This series of transactions highlights the potential profitability of trading meme coins, despite their inherent volatility.
At the time of the report, $PEPE was trading at $0.000001513, marking a nearly 5% price dip over the last seven days. Despite this dip, Lookonchain suggests that if traded correctly, meme coins like $PEPE can yield significant profits due to their high volatility.
On a technical note, the $PEPE/USDT pair appears to be gradually testing its old support level, says CryptoNiche, a trader and analyst on TradingView. This is a crucial phase in the token’s market performance as it could potentially indicate the start of a new uptrend. CryptoNiche expects a reaction at this level for a few days before any significant upward movement.
According to this analysis, any move above the trend line is a bullish signal for the Pepe token. This implies that if the token’s price can break above its current trend line, it could potentially trigger a bullish market sentiment, leading to an increase in buying pressure and potentially driving the price higher.
In conclusion, while meme coins like $PEPE are notoriously volatile, they can also be highly profitable for those who understand their market dynamics. As always, it’s crucial to stay updated with market trends and analyses and to trade responsibly.
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