Pepe (PEPE) was trading at $0.00002037 at the time of writing, reflecting a -2.02% decline in the past 24 hours but a 2.30% increase over the last seven days.
The memecoin’s market capitalization stands at $8.57 billion, supported by a circulating supply of 420 trillion PEPE and a daily trading volume of $1.34 billion, per Coingecko data. Recent whale movements and increasing speculative activity are shaping market dynamics.
Whale Activity Influences Market Dynamics
Data from Spot On Chain reveals that a whale recently deposited 217 billion PEPE (valued at $4.54 million) to Kraken, realizing a profit of $767K (+20%) in just 17 days. This whale still holds 1.21 trillion PEPE worth $25.1 million, with an additional $4.05 million in unrealized gains across two wallets.
A smart whale deposited 217B $PEPE ($4.54M) to #Kraken 5 hours ago, likely securing a $767K profit (+20%) again in just 17 days.The whale still holds 1.21T $PEPE ($25.1M) across 2 wallets, with another $4.05M in unrealized gains!Notably, earlier in 2024, this whale had made… pic.twitter.com/kQ8BCLfgN7
— Spot On Chain (@spotonchain) January 7, 2025
Earlier in 2024, the same whale reportedly made $11.39 million (+57.1%) from an initial PEPE trade. Large-scale whale movements like these introduce liquidity but also contribute to short-term volatility, as reflected in recent price spikes.
Current consolidation near $0.00002037 indicates reduced whale involvement, but further large-scale sell-offs could test support near $0.00002000.
Technical Indicators Show Weak Momentum
The PEPE/USDT chart indicates consolidation, with the price hovering around $0.00002037, signaling a lack of directional momentum. The MACD indicator shows weak bullish sentiment, as the MACD line slightly exceeds the signal line, accompanied by fading histogram bars. This points to potential sideways price movement unless external catalysts emerge.
Source: TradingView
The ADX (20.69) suggests weak trend strength, while the Aroon Up (78.57%) and Aroon Down (14.29%) indicate lingering bullish sentiment. However, the waning trend strength suggests traders may need to see a breakout above $0.00002100 to confirm sustained upward momentum.
Oversupply and Short Trader Dominance Create Downward Pressure
Pepe’s stock-to-flow ratio has dropped to zero, indicating an oversupply of the token in the market. This oversupply could create additional downward pressure on prices, especially as bearish sentiment dominates. According to market data, 55% of traders are holding short positions, reflecting expectations of further price declines.
At the same time, open interest (OI) in PEPE futures has increased to $528.69 million (+4.36%), signaling rising speculative activity. Coinglass data shows a 10.25% rise in trading volume to $576.38 million, underscoring increased market engagement.
The building OI and speculative positions suggest heightened volatility, with liquidations likely to amplify price movements.
Source: Coinglass
Pepe’s current price action reflects a balance between consolidation, whale-driven liquidity, and market oversupply. Traders are closely monitoring key resistance at $0.00002100 and support near $0.00002000, as speculative activity continues to influence the memecoin’s trajectory.
FAQs
What is Pepe’s current price and market cap?
Pepe is trading at $0.00002037 with a market cap of $8.57 billion.
What recent whale activity has impacted Pepe?
A whale moved 217 billion PEPE to Kraken, profiting $767K in 17 days.
What are traders monitoring in Pepe’s price action?
Traders are watching resistance at $0.00002100 and support near $0.00002000 for potential moves.
The post Pepe Price Consolidates as Whale Moves $4.54M—Will $0.00002100 Break? appeared first on Coinfomania.
