A large move by the PEPE whale has piqued curiosity and prompted an analysis of the memecoin’s on-chain data. Analyzing these on-chain metrics can give us insight into the true market trend and the current sentiment of holders and traders, including the whales involved.
What did the whale do?
Recent data from Lookonchain shows that a PEPE whale made a significant move less than 24 hours ago. The whale deposited 330 billion tokens, worth about $2.53 million, to the Kraken exchange. Such a deposit typically indicates an intent to sell. In most cases, such a large transaction would likely result in a profit. However, in this case, the data suggests that the whale may have been selling at a loss—over $3 million.
The whale’s recent trading activity provides context for this decision. Earlier in the month, the whale took advantage of market volatility by selling high and buying low. However, despite making profits from previous trades, the whale’s current holdings are not profitable, leading to the decision to sell some of the tokens to prevent further losses.
Interestingly, even after this significant sell-off, whales still hold around 1 trillion PEPE tokens, worth over $7 million. This could indicate that whales still believe in PEPE’s future recovery or price appreciation.
On-chain data shows large sales
Analysis of PEPE's inflow and outflow data on Santiment shows a significant discrepancy between the two metrics.
Inflows refer to deposits of PEPE tokens into exchanges, which usually signals an intention to sell. Meanwhile, outflows represent tokens being withdrawn from exchanges, which usually indicates accumulation or holding.
At the end of trading on August 30, data showed inflows of over 76 billion PEPE tokens. In contrast, outflows were only around 23 billion tokens.
This discrepancy suggests that more tokens were deposited into the exchange than withdrawn, implying increased selling pressure during that trading session.
This large inflow figure is consistent with previous reports of a large deposit from a single whale, suggesting that the whale’s move was not an isolated incident. Instead, many other holders were also looking to dump their tokens, contributing to the overall increase in inflows.
The downtrend continues…
PEPE analysis on the daily timeframe shows that it ended the last trading session with a slight increase of 1.57%. However, larger increases are needed to counter the selling pressure, especially from the analyzed whale addresses.
A deeper analysis shows that the market is mostly bearish. Memecoin recorded a brief rally that lasted only three days this month. This bearish trend is reflected in the Relative Strength Index (RSI), which is reading around 40 at the time of writing.
This position suggests that the token may be in a weak or bearish zone, although it has not reached oversold levels.
At the time of writing, PEPE is trading at around $0.00000773, after a slight decrease of 0.3%.
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