Pepe Coin Faces Turbulence as Whales Sell Over Trillion Tokens

• Whales offloaded 1.1 trillion PEPE, causing a 17% drop in price within 24 hours.
• Pepe Coin breaks $0.000014 support, the next critical level at $0.00000782 signals risk.
• Major Whale sold 430B PEPE worth $6.39M to Binance, intensifying market sell pressure.

Recent transactions from significant holders of Pepe Coin, known as whales, have led to substantial price movements in the cryptocurrency market. According to data from Lookonchain, whales have offloaded more than 1.1 trillion PEPE tokens, causing a noticeable decline in the coin’s value.

Whale Transactions Trigger Pepe Coin Sell-Off

Within a short period, these whales have dumped more than 1.1 trillion PEPE tokens, with the price of PEPE tokens plunging by 17% in 24 hours and has declined by 22.50% in the past week. This sell-off was mainly driven by some large-value transactions conducted by some big wallets. A single address sent around 430 billion PEPE tokens, equal to around $6.39 million, to cryptocurrency exchange Binance. Meanwhile, another large market participant.eth transferred 325.5 billion PEPE worth approximately $4.9 million to the same exchange, adding more selling pressure. Additionally, 0xC7ac…BE36 transferred 1.98M (140.83B PEPE) worth of coins to Binance. 

Another address, 0xb1a2…6731, has liquidated some of its holdings; it sold 200.88 billion PEPE for $2.85 million in USDC, highlighting the whales’ approach of either diversifying or consolidating their positions in a steadier currency amid bearish market conditions. After these movements, the price of the Pepe coin went down and passed significant support levels.

Impact of Whale Activity

The massive whale sell-off caused the price to break below the critical support level of $0.000014, signaling further selling pressure, with the next critical support level at $0.00000782. If this level is broken, the coin’s value may slide towards $0.00000633, which is quite low compared to the present trend.

Whale activities significantly impact price changes and market stability, often causing turbulence when they offload their investments. Traders and investors should closely monitor these addresses and transactions, as they provide crucial insights into future market trends and public sentiment.

Related: Arthur Hayes Predicts Bitcoin Price Will Reach $70K 

Moreover, due to the high impact caused by whales, all the participants in the Pepe Coin market should exercise caution. Recent changes in the holdings of major investors suggest a cautious sentiment in the market, amplified by broader adjustments across the crypto space. For instance, PEPE has been on the decline, and the entire crypto market has also not been in the best shape, with even Bitcoin dropping below $100,000.

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