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Whale Action: 357.2 billion PEPE tokens transferred to Binance, causing market shocks
Amid a sharp drop in prices, a whale transferred 357.2 billion PEPE tokens to Binance, a move that has attracted widespread attention in the cryptocurrency community. This huge transaction has sparked speculation about its potential impact on the market and the future trend of PEPE.
PEPE market volatility and whale movements
The emoji cryptocurrency PEPE has performed poorly recently, with prices falling by more than 10% in the past week, according to on-chain data. The big holder of the address 0xf22…a685c previously withdrew 548 billion PEPE tokens from centralized exchanges at an average price of $0.00001341, worth about $7.35 million. However, in the last 16 hours, the big holder transferred 357.2 billion PEPE to Binance at a lower price of $0.00001157 through two transactions, the first transfer of 170.3 billion tokens and the second transfer of 186.95 billion tokens, totaling about $4.14 million.
If sold at current prices, this would result in a loss of approximately $660,000, with remaining tokens still at a loss of $320,000. This move suggests that whales are recalibrating their strategies, perhaps in anticipation of further price declines or in preparation for new opportunities in the market.
PEPE Market Analysis and Future Outlook
Currently, PEPE is trading at around $0.00001208 with a 24-hour trading volume of over $954 million. However, the price is down 0.35% over the past day and 7.08% over the past week. The circulating supply of PEPE tokens is 420 trillion with a total market cap of around $5.09 billion. The token has fluctuated between $0.00001217 and $0.00001137. Open interest in PEPE futures has fallen by 8.20% and is currently worth $79.1 million.
According to Coingape’s analysis, the market consolidation caused the price to start a V-shaped reversal from $0.00001725, plummeting 37.2% to $0.0000108, with the market value falling to $4.54 billion. Currently, the price of PEPE is on the verge of breaking down from the key support level of $0.0000114, which coincides with the 50-day exponential moving average and the 38.2% Fibonacci retracement level. If this support level is broken, it may intensify the selling pressure and push 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% retracement levels, where buyers may step in to reverse the downward trend.
This series of trends shows that the PEPE market is still full of variables, and investors need to pay close attention to key support levels and market sentiment to cope with possible sharp fluctuations.
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