In this ongoing struggling cryptocurrency market, the fear amongst traders and investors has reached its highest level since January 2023. Amid this fearful market, today on July 9, 2024, a blockchain-based transaction tracker Whale Alert made a post on X stating that an unknown whale has moved a significant 9 Trillion Pepe (PEPE) tokens worth $83.25 million from a centralized cryptocurrency exchange Bybit.
9,000,000,000,000 #PEPE (83,250,000 USD) transferred from #Bybit to unknown wallethttps://t.co/owiqZqhmQv
— Whale Alert (@whale_alert) July 9, 2024
Whale transfer 9 trillion PEPE tokens
This massive PEPE transfer from exchange to wallet signals potential accumulation as the crypto market nears its second digital asset i.e. Ethereum (ETH) ETF (Exchange Traded Fund) approval in the United States. However, PEPE is an Ether-based meme coin and it has the potential to get more benefits once spot Ether ETF gets Securities and Exchange Commission (SEC) approval.
Despite this significant PEPE transfer from the exchange, the PEPE token price remained bearish. At the time of press, PEPE is trading near $0.0000089 and it experienced over 2% price drop in the last 24 hours. Following this bearish market sentiment, the 24-hour trading volume has also dropped by 22%, which indicates investors and traders lower level of interest.
If we look at the performance of PEPE over a longer period, it experienced a nearly 20% price drop. Whereas, in the last 30 days, PEPE has lost nearly 30% of its value.
PEPE technical analysis and key-level
According to expert technical analysis, PEPE is looking bullish on a longer time frame as it is moving above the 200 exponential Moving Average (EMA). The price above 200 EMA, signals potential bullishness in the chart. At the same time, PEPE also taking support from this 200 EMA.
However, PEPE’s bullish outlook is also getting support from a technical indicator named the Relative Strength Index (RSI) on a daily time frame. As per RSI, PEPE is there in an oversold area, meaning potential price recovery. Whereas, the Fibonacci retracement also signals a bullish outlook as this current level is there above a golden ratio of 38.2%.
According to data and technical indicators, there is a high chance that PEPE could surge more than 45% and hit the $0.000013 level.
Besides PEPE, other meme tokens, including Dogecoin (DOGE), Shiba Inu (SHIB), and Dogwifhat (WIF) also experienced a a decent price surge in the last 24 hours. According to coinmarketcap data, in the last 24 hours DOGE, SHIB, and SHIB have experienced a price drop of 1%, 0.95%, and 0.5% respectively.
