Whale buys PEPE coins worth $6.7m despite price decline
A crypto whale has purchased $6.7 million of PEPE in the last 38 hours. The win rate was 33%.
Crypto whales are taking advantage of the decline in Bitcoin (BTC) and other cryptocurrencies to execute large trades.
In the latest development, a PEPE whale with a wallet address beginning with 0xa54 re-accumulated 4.6 trillion PEPE tokens from Binance at an average price of $0.000001409. The whole trade amounted to $6.7 million in the past 38 hours.
According to the on-chain analytics platform Spot on Chain, the said whale’s trading strategy has a win rate of 33.3%. Previous gains from PEPE were +$614K (9.55%). This was accompanied by losses of -$260K (-7.93%) from BNB and -$89K (-13.4%) from LINK.
Is PEPE’s rally over?
In June, PEPE experienced a rally amidst a market-wide bull run. The meme coin outperformed other cryptocurrencies, attracting attention and excitement.
However, as time passed, the excitement surrounding PEPE dwindled. The number of new holders entering the PEPE ecosystem has significantly reduced, signaling the possibility of further price decline.
In May, Santiment Insights highlighted that meme coins, including PEPE, heavily rely on community-driven efforts with limited utility and little involvement from venture capital. Therefore, monitoring on-chain metrics, like network growth, becomes essential for investors to gauge potential demand in such projects.
PEPE price analysis
At the time of writing, the price of PEPE stands at $0.00000132, representing a 15% drop on the monthly timeframe, per data from CoinGecko. The 24-hour trading volume of PEPE stands at $126.7 million.
With a circulating supply of 420 trillion PEPE tokens, the coin has a market cap of $553.4 million. The Relative Strength Index (RSI) on the weekly timeframe indicates a value of 66.59, suggesting that the asset is yet to get into the overbought territory.
Key resistance levels for PEPE are observed at 0.0000018599, whereas the current support stands at 0.0000012552. These levels are crucial because they can indicate potential breakout or reversal points.
If the price breaks above the resistance level, it could signal a bullish breakout, potentially leading to further price appreciation. Conversely, if the support level fails, it may indicate a bearish reversal, suggesting that the price could decline further.
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