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Breaking News: Tether Targets $500 Billion Valuation In New Equity Offering Amid US Expansion Plans

Whale Transfers $4.2 Million PEPE To Binance – Selling Pressure Ahead?

Christian Encila
Christian Encila
1 year ago
3 mins read

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Recently, a massive transaction shook the digital currency ecosystem. A prominent whale transferred 400 billion PEPE tokens—worth about $4.22 million—to Binance.

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Strategically timed among the general negative market mood, this move seems to be a deliberate one for partial profit booking. The whale’s behavior corresponds to the breach of a critical support level around $0.00001075, a key threshold that has lately increased the downward pressure on PEPE’s price.

A whale deposited 400B $PEPE($4.22M) to #Binance to take profits in the past hour.

The whale withdrew 795.92B $PEPE($2.55M at the time) from #Binance on Mar 1 and currently has 395.93B $PEPE($4.18M) left.

His total profit on $PEPE is $5.85M, the ROI is 230%!… pic.twitter.com/o7T1ihjoq9

— Lookonchain (@lookonchain) August 1, 2024

Previously active on March 1st, the whale pulled out 795 billion PEPE tokens from Binance, worth $2.55 million. Even with this big withdrawal, the whale still has a decent 396 billion PEPE, which means it has an unrealized profit of $5.85 million, or a 230% return on investment. This amazing financial dance shows how smart the whale is and how dangerous it is to trade PEPE in a market that is always changing.

Pepe Technical Study: Negative

PEPE is trading at about $0.00001051 as of the most recent report, a 7.5% decline in price over the last 24 hours. Concurrently, trade volume has jumped by 14%, indicating a change in market involvement and investor participation.

Technical study shows a pessimistic view of the cryptocurrency despite this higher activity. With forecasts showing a possible 20% collapse in the short future, the recent violation of the important support level of $0.00001075 is expected to propel further drops.

PEPE market cap currently at $4.25 billion. Chart: TradingView.com

The 200 Exponential Moving Average (EMA) suggests PEPE may find support around $0.0000852. Despite the gloomy market, this technical indicator suggests price stabilization. Technical indicators and market dynamics challenge PEPE’s prospects.

Liquidation Levels And Possible Rebound

The latest development also puts into perspective PEPE’s main liquidation thresholds, which lie on the lower end at $0.000010 and on the upper end at $0.0000118. Should the bearish mood persists, the meme coin may experience a downward motion below $0.000010, forcing the liquidation of around $2.04 million in long bets.

Conversely, a shift in market sentiment could result in PEPE falling below $0.0000118, which would result in the liquidation of approximately $13.4 million in short positions.

PEPE price forecast. Source: CoinCheckup

Beyond the current volatility, PEPE projections remain somewhat positive, though short-term forecasts show a significant comeback with an expected 249.99% gain over the following three months.

Related Reading: Can Bitcoin Cash (BCH) Go Up 680% This Week? This Analyst Believes So

With expected rates of 183.50% over six months and 169.42% over one year, the longer horizon seems as bright. These scenarios could be good news for the popular meme coin as it maneuvers its way into the volatile crypto market, but all things considered PEPE could be headed in the right direction.

In essence, the larger projection stays robust even if PEPE has major short-term difficulties and liquidation hazards. The direction of the token will be greatly shaped by the combination of whale movements, technical indicators, and market emotion.

Featured image from , chart from TradingView

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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Strict editorial policy that focuses on accuracy, relevance, and impartiality

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