Pepe Coin, the popular frog-themed meme coin, has made a notable recovery after the market crash on January 13, but it’s facing new challenges. The token, which had fallen significantly from its all-time high set just a month ago, has been on a recovery path. However, recent actions by a major crypto whale could threaten the progress unless market conditions stabilize.
Pepe Coin Whale Dumps 588B Tokens: A Red Flag?
A crypto whale, identified by wallet address 0xBE2, recently deposited an astounding 588 billion PEPE tokens, valued at $10.99 million, onto the Kraken exchange. The whale has held these tokens for seven months, accumulating them at a cost of $5.2 million. With the current price of PEPE at $0.00001849, the whale now stands to gain $7.34 million, marking an impressive ROI of 141%. However, the massive deposit raises concerns about a potential sell-off, which could put downward pressure on the price.
Although the whale has not yet sold the tokens, the deposit itself signals that a sale might be imminent. The move has sparked questions about the whale’s intentions and whether it could lead to a market crash similar to past events when large sell-offs triggered significant declines.
Pepe Coin Price Outlook Amid Whale’s Influence
Currently trading at $0.00001849, Pepe Coin has seen a 6% recovery in the past 24 hours, driven by investor sentiment and anticipation surrounding political events like Trump’s inauguration. Additionally, the token’s trading volume surged by 60%, reaching $1.1 billion. While these indicators are positive, they also suggest increased volatility, with the potential for both upward and downward movements.
The token’s open interest remains stable, though the charts indicate periodic price fluctuations. For now, the buying pressure is strong, pushing the price higher, but the whale’s decision to sell could reverse these gains. If the whale continues to hold its position, it could bolster investor sentiment, driving the price upward in the long run. However, if a sell-off occurs, it could lead to a sharp decline.
Will Pepe Coin’s Price Crash?
Technical analysis shows that PEPE faces crucial support at $0.00001558. A drop below this level could trigger a downtrend. On the other hand, breaking through the resistance at $0.00002624 could open the door for further gains. Analysts, including CW, project that Pepe Coin’s price could reach $0.000036 with continued bullish momentum.
Ultimately, the future of Pepe Coin hinges on the balance of whale activity, broader market sentiment, and external economic factors. Investors should keep a close eye on key price levels, as the ongoing battle between bulls and bears could determine the coin’s direction.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
Also Read: Pepe Coin Price Could Flip Shiba Inu as Analyst Predicts ‘Perfect Storm’
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