PEPE Coin Whales Accumulating, Time to Buy?

Last night, a new whale wallet, “0x8f5,” withdrew a whopping 280 billion PEPE coin, valued at $5 million, from Binance.

It’s a big move in a market down as $PEPE is down 5% in the last 24 hours. The whale had accumulated 47.4 million $JASMY tokens ($1.54 million) a day prior, leading to a calculated diversification away from meme coins and small-cap altcoins.

Also, whale wallet “0xb1a” joined the $PEPE market, massively buying 200.4 billion Pepe tokens for $3.72 million $ USD in the past 30 minutes just before this report. Interestingly, the wallet has a history of trading $PEPE, as it has recorded a loss of $1.45m from the previous activity.

Whale Activity: A Double-Edged Sword

Because whales can affect price trends through massive transactions, they are often tipped as market movers in cryptocurrency. Typically, the $PEPE market has been defined by similar movements, with substantial price rises followed by equally sharp consolidations after intense whale activity.

Wallets “0x8f5” and “0xb1a” have already sparked speculation of a potential price reversal after recent moves by those addresses.

While whale activity is not always a bullish signal, a long-term accumulation strategy, such as large withdrawals from exchanges like Binance, can indicate that whales, or even whales grouped by groups, seek cold storage or set the stage for a massive off-the-market sale.

– Advertisement –

The withdrawal of 280 billion $PEPE in the case of “0x8f5,” while the show coin is excellent at being a solid LP LP away, shows the possibility that the whale is convinced that the token might keep its value locked up away from exchanges and limit immediate selling pressure.

However, sceptics say that such moves could make it more prone to market manipulation in the near term. The $3.72 million purchase by “0xb1a” for “0xb1a” has eyebrows raised, considering the whale’s previous loss of $1.45 million on $PEPE.

PEPE Coin Price Performance: A Struggling Memecoin

Although there was a flurry of whale transactions, we have not seen $PEPE’s price be able to push above it. At the time of writing, the token trades for $0.00001655, losing 5% in the last 24 hours. The token’s market cap has fallen to $6.96 billion, and its fully diluted value (FDV) tracks to the same amount. That said, trading volume is still comparatively robust at $1.28 billion, suggesting that interest in $PEPE hasn’t disappeared entirely.

The price chart exhibits a falling wedge, a technically inclined pattern that typically portends an impending bullish breakout. If this pattern continues, it could be a sign that $PEPE is about to reverse its current downtrend.

However, this optimism is somewhat undermined because the token has also experienced considerable volatility and has not sustained an upward trend in the past month. The ADX, which is currently at 31, further fortifies this, suggesting that the current bear trend is strong.