Future

Bitcoin

PEPE

Billion

A cryptocurrency whale just made a massive move with PEPE tokens. They transferred a staggering 357.2 billion PEPE, valued at over $4 million, to Binance. This huge transaction happened right as PEPE’s price took a dip. The crypto community is buzzing about what this whale’s actions could mean for PEPE’s market going forward. 
<h2 id="pepe-market-fluctuations-and-whale-activity">PEPE Market Fluctuations and Whale Activity</h2> 
Meme cryptocurrency <a href="https://coingape.com/price/pepe-coin/" target="_blank" rel="noopener">PEPE</a> has taken a beating lately, dropping over 10% in the past week according to on-chain data. A major holder with the address 0xf22…a685c had to reduce their position. They initially withdrew 548 billion PEPE tokens from a centralized exchange at an average price of $0.00001341, worth around $7.35 million. 
However, in the last 16 hours, this holder sent back 357.2 billion PEPE to <a href="https://coingape.com/tag/binance/" target="_blank" rel="noopener">Binance</a> through two transactions at a lower price of $0.00001157. The first transfer was 170.3 billion tokens, and the second was 186.95 billion, totaling $4.14 million. 
<img decoding="async" class="aligncenter wp-image-202563" src="https://coingape.com/wp-content/uploads/2024/06/epe-whale.jpeg" alt="" width="557" height="413" srcset="https://coingape.com/wp-content/uploads/2024/06/epe-whale.jpeg 680w, https://coingape.com/wp-content/uploads/2024/06/epe-whale-300x222.jpeg 300w, https://coingape.com/wp-content/uploads/2024/06/epe-whale-678x504.jpeg 678w, https://coingape.com/wp-content/uploads/2024/06/epe-whale-80x60.jpeg 80w, https://coingape.com/wp-content/uploads/2024/06/epe-whale-150x111.jpeg 150w" sizes="(max-width: 557px) 100vw, 557px"> 
If sold at the current rate, this would result in a $660,000 loss, with the remaining <a href="https://coingape.com/glossary/token/" target="_blank" rel="noopener">tokens</a> still being underwater by $320,000. This move suggests the whale is repositioning strategically, perhaps expecting further dips or preparing for new opportunities in the market. 
Also Read: <a href="https://coingape.com/bitcoin-btc-can-underperform-stocks-and-bonds-for-another-three-months-heres-why/" target="_blank" rel="noopener">Bitcoin (BTC) Can Underperform Stocks And Bonds for Another Three Months, Here’s Why</a> 
<h2 id="pepe-market-analysis-and-future-prospects">PEPE Market Analysis and Future Prospects</h2> 
PEPE is currently trading at around $0.00001208, with a massive 24-hour trading volume of over $954 million. However, the price has dipped by 0.35% in the last day and a more significant 7.08% over the past week. With a circulating supply of 420 trillion PEPE tokens, the total market cap stands at roughly $5.09 billion. The token is fluctuating between $0.00001217 and $0.00001137. <a rel="nofollow" href="https://coinalyze.net/pepe/open-interest/" target="_blank">Open interest</a> in PEPE futures has declined by 8.20%, now valued at $79.1 million. 
<img decoding="async" class="aligncenter wp-image-202561" src="https://coingape.com/wp-content/uploads/2024/06/Screenshot-720.png" alt="" width="726" height="408" srcset="https://coingape.com/wp-content/uploads/2024/06/Screenshot-720.png 1366w, https://coingape.com/wp-content/uploads/2024/06/Screenshot-720-300x169.png 300w, https://coingape.com/wp-content/uploads/2024/06/Screenshot-720-1224x688.png 1224w, https://coingape.com/wp-content/uploads/2024/06/Screenshot-720-768x432.png 768w, https://coingape.com/wp-content/uploads/2024/06/Screenshot-720-678x381.png 678w, https://coingape.com/wp-content/uploads/2024/06/Screenshot-720-150x84.png 150w" sizes="(max-width: 726px) 100vw, 726px"> 
According to <a href="https://coingape.com/markets/top-3-meme-coins-to-buy-as-bitcoin-65k-correction/" target="_blank" rel="noopener">Coingape’s analysis</a>, market consolidation led to a V-top reversal from $0.00001725, causing a 37.2% plunge to $0.0000108 and the market cap dropping to $4.54 billion. Currently, PEPE’s price is teetering on a potential breakdown from the critical $0.0000114 support level, which coincides with the 50-day exponential moving average and 38.2% Fibonacci retracement. 
If this support is breached, it could intensify selling pressure and potentially drive the price down to $0.000009. The Fibonacci tool identifies $0.000009 and $0.000007 as key levels corresponding to the 50% and 61.8% retracements, where buyers may step in to reverse the downtrend. 
Also Read: <a href="https://coingape.com/five-on-chain-metrics-bitcoin-price-bull-run-remains-intact/" target="_blank" rel="noopener">Bitcoin Price Bull Run Is Intact As Per These Five On-chain Metrics</a> 
The post <a href="https://coingape.com/whale-moves-357-2-billion-pepe-to-binance-amid-price-dip-whats-next/">Whale Moves $4.14M In PEPE To Binance Amid Price Dip, What’s Next?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Whale Moves $4.14M In PEPE To Binance Amid Price Dip, What’s Next?

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