The post PEPE Price Plummets as Whales Move 400 Billion Units: What's Next for Meme Coin? appeared first on Coinpedia Fintech News
Amid an ongoing cryptocurrency correction due to Wednesday's impactful news from the U.S. Federal Reserve and the Bank of Japan, Pepe (PEPE), a frog-themed meme coin based on Ethereum (ETH) network, fell about 8% over the past 24 hours to trade around $0.00001045 on Thursday, during the early New York trading session.Â
The mid-cap meme coin, with a fully diluted valuation of around $4.4 billion and an average daily trading volume of around $748 million, has shown a medium-term bearish outlook after struggling to maintain momentum.
Furthermore, Pepe's price has closed the past two months with a bearish outlook and based on historical data, the crypto industry could continue its downtrend in August.Â
Pepe whale dump 400B Unit
A whale deposited $400 billion PEPE ($4.22 million) into#Binancefor profit in the past hour. Whales withdrew $795.92 billion PEPE ($2.55 million at the time) from#Binanceon March 1 and now have 395.93 billion $PEPE ($4.18) M) left. His total profit on $PEPE is $5.85 million
â Lookonchain (@lookonchain) August 1, 2024
According to on-chain data analysis conducted by Lookonchain, a whale investor deposited 400 billion units of Pepe, worth $4.22 million, into cryptocurrency exchange Binance earlier today. As of the time of this writing, the whale investor still has a balance of about 395 billion Pepe units, worth about 4.1 million USD.
Market impact and expectations
Whale investors could apply additional selling pressure to Pepe's 266,842 holders in the coming weeks. Furthermore, Bitcoin's fear and greed index has dropped from over 72%, indicating a level of greed, to around 52%, neutral, over the past two days.
$PEPE has actually held up pretty well through all of this. I wouldn't be surprised if we see another bull run to take away some of the untapped liquidity before the larger pullback continues. There are no plans to try long term. For now, just watching to see how things develop.
â CrediBULL Cryptocurrency (@CredibleCrypto) August 1, 2024
From a technical standpoint, Pepe price has formed a macro reversal pattern, characterized by a head and shoulders (H&S) pattern combined with a bearish divergence on the daily Relative Strength Index (RSI).
If the bearish trend continues in the coming weeks, Pepe's price will establish a support range between $0.000009 and $0.000007, coinciding with the weekly Fibonacci retracement levels of 0.5 and 0.618.
#Write2Win #binance #btc #bitcoin #bnb $PEPE