Pepe Coin (PEPE) has recently experienced bearish market sentiments, extending its weekly correction to 14%. Amid this downturn, a whale has offloaded 9 trillion PEPE, which has sparked further discussions and speculations in the crypto market.
Massive Whale Movement Sparks Speculation
According to data from Arkham Intelligence, a whale address (0x2da) staked 2 trillion PEPE, worth $18.42 million, into the blockchain project Sophon. This whale had accumulated these tokens for just $2.33 million last year, resulting in an unrealized profit of $16.09 million. The decision to stake rather than sell PEPE has raised eyebrows across the crypto industry.
Simultaneously, Whale Alert highlighted a massive transfer of 9 trillion PEPE, worth $82.17 million, to Bybit. The whale address (0x88a14933) was responsible for this significant transaction. CoinGape Media reported that the same whale had recently acquired 9 trillion PEPE from Bybit. This sequence of buying and then dumping the meme coin has fueled speculations among market participants.
Market Reactions and Price Movements
Pepe Coin has defied the broader crypto market trend, trading in the red. This decline coincides with the large PEPE dumps to exchanges. Additionally, Wintermute, a market maker, dumped 702 billion coins to Binance recently, further impacting the token's price.
As of writing, the PEPE price has slipped 1.24% in the past 24 hours to trade at $0.000009364. The weekly chart shows a 13.90% price correction, with daily lows and highs of $0.000008791 and $0.000009435, respectively.
Futures and Derivatives Data
Coinglass data indicated a 10.19% increase in PEPE’s futures open interest (OI) to $100.46 million. However, the derivatives volume dropped 43.32% to $1.25 billion, suggesting uncertain investor sentiment.
The relative strength index (RSI) is at 37, indicating that the asset is neither overbought nor oversold, with some downside pressure on the price. This data validates PEPE’s recent sluggish movement but also suggests a potential entry point for traders and investors.
Outlook
A continued downward movement could push the RSI into oversold territory, potentially paving the way for a price rebound. Market enthusiasts are closely watching Pepe Coin for any shifts in price action, particularly in light of recent whale activities and market dynamics.
In summary, the recent massive whale movements have added to the volatility and uncertainty surrounding Pepe Coin. Investors and traders are advised to monitor the situation closely as the market adjusts to these significant transactions.
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