Pepe, a popular meme-based cryptocurrency, has seen a significant transaction amidst the current market downturn. A major player transferred an impressive 400 billion PEPE tokens to the Binance exchange. According to Lookonchain, an on-chain analytics firm, this transaction, valued at $4.22 million, appears to be a strategic decision to book partial profits amidst the prevailing bearish sentiment.
This substantial move follows the recent breakdown of a critical support level at $0.00001075, reflecting a strategic response to shifting market conditions.
Previously, on March 1, the same whale withdrew 795.92 billion PEPE tokens, worth $2.55 million, from Binance. Despite this recent deposit, the whale still holds a significant 395.93 billion PEPE, valued at $4.18 million.
Before the massive transfer, the whale’s unrealized profit was approximately $5.85 million, which equates to a notable 230% return on investment. This move underscores the whale’s attempt to capitalize on market volatility and secure gains amid the downturn.
Market Trends Suggest Upcoming Surge for PEPE Meme CoinAt press time, PEPE is trading at $0.00001, experiencing a 5.16% decline over the past 24 hours. Despite this drop, the trading volume has surged by 37.60%, reaching $817.16 million. This increase in trading activity indicates heightened market engagement, even as the price struggles.
The chart of total liquidations for PEPE highlights fluctuating volumes for long and short positions across a 12-hour interval. A significant spike in short-position liquidations corresponds with temporary price increases, emphasizing the volatile nature of the market. This volatility can result in substantial losses for short sellers during price surges.
The daily technical indicators for the meme coin are currently in neutral territory. The RSI indicator is currently at $41.61, indicating that it is neither overbought nor oversold. The MACD indicator is below the signal line, suggesting a period of consolidation in the market.
