PEPE Whale Offloads 396 bln Tokens, Sell Signal or What?

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Today on August 9, 2024, the on-chain analytic firm Lookonchain made a post on X (previously Twitter) that has gathered widespread attention from the crypto community. In the post, Lookonchain shared that a Pepe (PEPE) whale recently deposited a significant 395.92 billion tokens worth $3.4 million on Binance. 

PEPE Whale dumped 396 billion tokens

However, whale dumped this significant amount of tokens during the ongoing market recovery and the recent bullish breakout in PEPE. Despite this dump, this whale has made a total profit of over $5.06 million and generated nearly 200% return on its investment.

With the dump, this whale’s PEPE holding went zero. According to Lookonchain, the whale withdrew nearly 795.92 billion PEPE tokens worth $2.55 million from Binance on March 1, 2024. However, he sold 400 billion PEPE for $4.22 million on August 1, 2024, and 395.92 billion tokens worth $3.4 million today.

However, the last time the whale dumped tokens, PEPE experienced a price drop of over 16%. This time price didn’t react much, but we may see a slight drop as per historical data.

PEPE price analysis

At press time, PEPE is trading near $0.0000083 and has experienced a price surge of over 2% in the last 24 hours. Meanwhile, its trading volume has also increased by 10% during the same period. This increase in trading volume indicates a higher participation from investors. 

PEPE price prediction 

According to expert technical analysis, PEPE is looking bullish as it moves above the 200 Exponential Moving Average (EMA) on a daily time frame. The price of assets above the 200 EMA signals that the assets are in the uptrend. 

Source: Trading View

Apart from this, PEPE has recently experienced a breakout of the consolidation zone and it is currently retesting that level. However, the last time when PEPE gave a breakout of the consolidation zone it experienced a price surge of 180%, in 37 days. This time there is a similar expectation traders and investors are expecting from PEPE. 

In the coming days, if PEPE manages to hold itself above the 200 EMA, there is a high chance it could soar 50% to the $0.0000127 level.