Today, August 9, 2024, on-chain analytics firm Lookonchain published a post on X (formerly Twitter) that garnered widespread attention in the crypto community. In the post, Lookonchain shared that a Pepe (PEPE) whale recently deposited a whopping 395.92 billion tokens worth $3.4 million on Binance.
PEPE whale dumped 396 billion tokens
However, the 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 earned a return of almost 200% on his investment.
With the dump, this whale’s PEPE holdings went to zero. According to Lookonchain, the whale withdrew nearly 795.92 billion PEPE tokens worth $2.55 million from Binance on March 1, 2024. However, on August 1, 2024, he sold 400 billion PEPE for $4.22 million and today he sold 395.92 billion tokens worth $3.4 million.
However, the last time the whale dumped tokens, PEPE saw a price drop of over 16%. This time, the price did not react strongly, but according to historical data, we could see a slight decline.
PEPE Price Analysis
At press time, PEPE is trading at around $0.0000083 and has seen a price increase of over 2% in the last 24 hours. At the same time, the trading volume has also increased by 10% in the same period. This increase in trading volume indicates higher participation from investors.
PEPE Price Prediction
According to expert technical analysis, PEPE looks 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 an uptrend.
Apart from that, PEPE has recently experienced a breakout from the consolidation zone and is currently testing this level again. However, the last time PEPE broke out of the consolidation zone, it saw a 180% price increase within 37 days. This time, traders and investors have similar expectations about PEPE.
If PEPE manages to stay above the 200 EMA in the coming days, there is a high chance that it will rise by 50% to the $0.0000127 mark.
