As an experienced analyst, I believe that the recent price declines and whale transactions surrounding PEPE (Pepe the Frog coin) indicate a bearish trend for the meme coin in the short term. The sudden large-scale selling by major holders has caused panic among investors, leading to a significant drop in prices.
As an analyst, I’ve been monitoring the price movements of Pepe (PEPE), one of the prominent meme coins in the digital asset market. Over the past week, there’s been a 12% decrease in its prices, and in the last 30 days, it has experienced a significant 27% crash. The bearish trend doesn’t show any signs of abating as of now; a large investor, often referred to as a ‘whale,’ recently sold off an enormous amount of 9 trillion tokens of Pepe. This action left investors questioning whether they should prepare for another potential price drop.
Bitcoin (BTC), the most prominent cryptocurrency, experienced a substantial decline in recent days due to two significant events. Firstly, Mt. Gox, a bankrupt crypto exchange, revealed plans to distribute billions of dollars’ worth of Bitcoins to its creditors. Secondly, Germany sold off over 12,000 BTC from its reserves. Consequently, altcoins and meme coins such as PEPE also suffered significant losses in value.
According to Whale Alert’s recent social media post, a whale moved 9 trillion PEPE tokens to Bybit exchange, potentially signaling an intent to sell these tokens. At present, the value of these tokens amounts to approximately $81.6 million based on the current market price of the meme coin.
It is important to note that the address 0x88a14933 made the large PEPE transaction around nine hours ago and paid just 0.000110428260797106 ETH ($0.34) in fees. Additionally, on Tuesday, Wintermute, a liquidity solution for the digital asset space, also dumped 902 billion PEPE meme tokens, as pointed out in an X post by “The Data Nerd”.
Alternatively, Nascent venture capital firm purchased approximately 447.67 billion Pepe tokens, equivalent to $5.85 million, when the digital asset declined on Monday due to Bitcoin’s price decrease. The heightened buying activity from large investors around the popular meme coin could indicate potential market instability.
Pepe (PEPE) Technicals
As a crypto investor, I’ve noticed an exciting development with Pepe (PEPE), which recently hit an all-time high of 256,000 holders. This significant milestone has drawn considerable attention to the meme coin community. According to Forbes, Pepe now ranks as the third-largest meme coin by market capitalization, following Dogecoin (DOGE) and Shiba Inu (SHIB). At present, this digital currency is placed 24th in the overall cryptocurrency market.
As a crypto investor, I’ve noticed that the trading volume for PEPE has decreased by approximately 29.5% within the last 24 hours. The current value of this digital asset now sits at around $676.52 million. On the other hand, its market capitalization is currently estimated to be a substantial $3.83 billion.
As a researcher analyzing the data from TradingView, I’ve observed that the relative strength index (RSI) for the meme coin stands at a value of 39.45. This finding indicates that the bearish trend is currently dominating the price action of the cryptocurrency.
- Source: TradingView
As an analyst, I’ve observed that the gradient of PEPE‘s RSI line indicates a decrease in volatility. However, it’s important to note that this trend could potentially shift towards increased volatility in the upcoming days, given the recent surge in whale wallet holdings. The price of PEPE has been following a downward trend in the short term, and it’s currently 46.78% below its all-time high of $0.00001718, which was reached back in May.
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2024-07-10 17:12