Whales Cashing Out Pepe: PEPE Price Correction Coming?

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Two whales moved a notable amount of Pepe (PEPE) tokens onto major exchanges Coinbase and Binance, sparking sell-off speculations.

One whale deposited 500 billion PEPE tokens, worth approximately $11.73 million, onto Coinbase. Pepe price action will be worth noting from here.

PEPE Price Action Weakens

Compared to over 1,170 ETH (roughly $2.12 million) accumulated between May 5 and September 10, 2023, this whale was able to amass an estimated profit of $43 million with a total of 2.01 trillion PEPE.

It is a 20x gain on what the whale initially invested into PEPE, while that investor still maintains 1.48 trillion in PEPE, worth around $33.2 million.

The other whale also made waves, transferring 526.2 billion PEPE tokens ($10.03 million) to Binance.

The whale profited around $5.04 million, or 97% profit, within eight days. This second whale decided to sell on Binance.

However, the whale cashed out slightly before PEPE reached its highs that day. So, they were able to lock in tumultuous profits.

The day this incident took place, Pepe’s price surged by 78%, hitting new all-time highs.

A series of recent listings on popular cryptocurrency exchanges, such as Coinbase and South Korea’s biggest exchange, Upbit, contributed to this growth’s insanity.

These listings saw a 354.89% increase in trading activity. PEPE’s trading volume then was $21.92 billion, and its market cap was $8.74 billion.

Technical Analysis: Is PEPE Due for a Correction?

In the last few days, PEPE has had a clear uptrend. It traded inside an upward channel, which experts evaluated in the meme coin’s recent charts.



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