PEPE has recently become the focus of market attention again, but this time it is not a positive signal. On-chain data shows that a well-known smart contract address has transferred a large number of PEPE tokens, which has caused the market to worry about the future price trend of PEPE.
Big money movements spark doubts
According to EmberCN, the smart contract address (0xC8Ab...) transferred 118.5 billion PEPE tokens (worth about $1.48 million) to the Kraken cryptocurrency exchange. The transaction means that the holders received an 11x return on their investment, and it is speculated that they held these PEPE tokens for about seven months.
Interestingly, this address is the same one that purchased these PEPE tokens from Kraken during the bear market last November. The purchase amount at the time was only $130,000, highlighting that this big-money investor may have used a very profitable strategy.
However, the recent transfer casts a shadow over the market. Large capital outflows and transfers to exchanges are often interpreted as bearish signals, possibly indicating that investors expect prices to fall. PEPE's recent price fluctuations in negative territory have further amplified this sentiment.
This concern is further supported by a report from CoinGape Media, which noted a recent increase in PEPE transfers to exchanges, which could exacerbate investor anxiety.
PEPE prices fluctuate
As of press time, PEPE prices have fluctuated significantly in the past 24 hours, oscillating between positive and negative ranges. The coin’s current price is around $0.00001263, with the low during this period being $0.00001207 and the high being $0.00001269.
While Coinglass data shows that PEPE’s futures open interest (OI) increased by 3.76% to $141.02 million, indicating that investors remain engaged, derivatives trading volume fell by 35.85%, suggesting that market activity may have decreased. These data are consistent with the observed price fluctuations.
From a broader perspective, PEPE prices have fallen by 20.82% over the past month, which to some extent explains the decision of big money to choose to sell. In addition, the relative strength index (RSI) is hovering around 53, indicating that the market is neutral towards the asset.
The future is full of unknowns
Despite these recent developments, some analysts remain optimistic about PEPE’s long-term prospects. The emergence of PEPU, the L2 solution to PEPE, offers a glimmer of hope for its future.
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