The whale wallet deposited 500 billion PEPE tokens on leading crypto exchange Coinbase but still holds $15.73 million in PEPE.
The digital asset community was astonished by a Pepe (PEPE) whale’s strategy that resulted in the wallet owner making a 17,026x return on its investment. The whale had originally invested a mere $3,010, buying 4.914 trillion PEPE tokens PEPE $0.000012 24h volatility: 11.0% Market cap: $5.18 B Vol. 24h: $4.85 B back in April 2023. While taking advantage of the meme coin’s price surge in the recent past, the whale “0xc25” moved tokens for the first time in six months.
The whale wallet deposited 500 billion PEPE tokens on leading crypto exchange Coinbase, suggesting a sale. As per the data from the blockchain analysis platform Lookonchain, the whale wallet has cashed out a massive $35.52 million. However, it is still holding on to 1.25 trillion tokens, worth approximately $15.73 million.
Certain crypto market participants have speculated that the whale could possibly be an insider who is dumping its tokens over a certain period of time, but such allegations cannot be proved. Meanwhile, the transfer of tokens to Coinbase resulted in investors turning bearish on the meme coin. As per CoinMarketCap data, PEPE trades at $0.00001239, down 2.97% in the past 24 hours.
PEPE has a whopping 394.06K holders, with 84.77% of the wallets having $0-$1K invested in the meme coin while 14.74% of the wallets have poured $1K to $100K into the digital asset. Considering the 1075.93% price surge in the past year, the meme coin looks promising at current prices.
PEPE Price Analysis
PEPE has already dropped 21% in the last seven days and is down 30% in the past month. However, the Relative Strength Index (RSI) for the cryptocurrency on the daily chart shows a substantially bullish sign for the meme coin.
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Source: TradingView
As seen in the daily chart below, the RSI reads a value of 33.60, rebounding sharply after the PEPE token touched the oversold levels. In the past year, the altcoin has touched the oversold levels only two times, and the gradient of the line suggests that the bulls are attempting to buy the dip in PEPE prices.
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Source: TradingView
The PEPE price action is retesting the lower region of the Bollinger Bands, and the chances of a rebound are high. However, if the lower levels do not hold, there is a possibility that the meme coin’s price could fall further. Additionally, the MACD indicator confirmed a bearish divergence a few days ago, and since then, the price action of the meme token hasn’t been quite good. The MACD histogram also remains red.
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