Mystery Whale Opens Massive PEPE Position: What’s Next?

• A PEPE whale bought 160.4 billion PEPE worth $1.31 million.
• The whale tried to trade PEPE last month as well but lost $17,000.
• PEPE dropped almost 3% in the past 24 hours but the technicals look bullish. 

Pepe (PEPE), a popular meme coin in the crypto world, dipped by roughly 3% in the last 24 hours despite a whale scooping up a massive 160.4 billion PEPE tokens, valued at $1.31 million. Big moves like this often cause price jumps, and investors may be hoping for the same soon.

Data from Arkham Intelligence shows the whale wallet address “0x1bB…D5556” bought 160.4 billion PEPE at about $0.00000819 per token. As of now, PEPE is trading at $0.058109, with trading volume down 30.31% and market cap down 2.66%.

Read also : Memecoin Bull Run: Dogecoin, Shiba Inu, Pepe Lead the Charge

It is important to note that this is not the first time this whale has tried its hand at trading PEPE. A month earlier, the same wallet bought PEPE at $0.00000802 but sold at $0.00000792, losing roughly $17,000.

Coin Edition had confirmed earlier on PEPE chart to gradually be turning bullish with chances of a potential price surge. And by Thursday, the meme coin surged by more than 5% with a 3% increase again on Friday. 

PEPE to Break into an Uptrend?

PEPE might be headed for an uptrend soon, as technical indicators look promising. The TradingView daily chart below shows accumulation is on the rise again, suggesting growing investor interest.

On the other hand, the Relative Strength Index (RSI) has a value of 55.33 which means that the buyers are in charge of the PEPE price action. However, the gradient of the line suggests that lower prices might be possible in the near future.