PEPE Whale Sells $6.5M; Support Under Pressure?
Whale Distribution Emerges as PEPE Tests Structural Limits
Recent whale activity is sending warning signals for PEPE. SpotOnChain tracked a significant transaction where a whale deposited 595.2 billion PEPE ($6.52 million) into Binance, realizing a 32% profit ($1.57 million) from the recent accumulation phase. Their cost basis was $0.00000832.
This move supports the theory that short-term whales are taking profits as price momentum slows near recent highs. This isn't panic selling; it's calculated profit-taking before potential FOMO fades. Interestingly, the whale hasn't completely exited; 104.4 billion PEPE ($1.15 million) remain in another wallet, representing $320k in unrealized gains.
PEPE's price is currently testing support around $0.000010. While this level has seen dip-buying twice, a convincing bounce is yet to materialize. A break below this level could trigger a significant whale selloff. The next few trading sessions are crucial for determining whether PEPE can maintain its support or experience a further decline.
- Key takeaway: A significant PEPE whale recently offloaded a substantial portion of their holdings, prompting concerns about the price stability.
- Risk factor: Failure to maintain support at $0.000010 may trigger further whale selling, leading to a potential price drop.
- Technical outlook: Chart patterns indicate potential for a further correction if the current support level breaks.
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Disclaimer: This analysis is for informational purposes only and does not constitute financial advice. The cryptocurrency market is highly volatile, and investments carry significant risks.