A crypto whale bought $6.7 million from PEPE in the last 38 hours. The success rate was 33%.
Crypto whales are taking advantage of the drop in Bitcoin (BTC) and other cryptocurrencies to execute large trades.
In the latest development, a PEPE whale with a wallet address starting with 0xa54 has re-accumulated 4.6 trillion PEPE tokens from Binance at an average price of $0.000001409. The entire trade amounted to $6.7 million in the past 38 hours.
According to on-chain analytics platform Spot on Chain, said whale’s trading strategy has a success rate of 33.3%. PEPE’s previous gains were +$614,000 (9.55%). This was accompanied by losses of -$260,000 (-7.93%) from BNB and -$89,000 (-13.4%) from LINK.
Is the PEPE gathering over?
In June, PEPE rallied amid a market-wide bull run. The meme coin outperformed other cryptocurrencies, attracting attention and excitement.
However, over time, the excitement around PEPE waned. The number of new holders entering the PEPE ecosystem has dropped significantly, signaling the possibility of further price declines.
In May, Santiment Prospects pointed out that meme coins, including PEPE, are highly dependent on community efforts with limited utility and low venture capital involvement. Therefore, monitoring on-chain metrics like network growth becomes essential for investors to gauge the potential demand in such projects.
PEPE price analysis
At the time of writing, the price of PEPE stands at $0.00000132, which represents a decline of 15% on the monthly time frame, according to data from CoinGecko. PEPE’s 24-hour trading volume is $126.7 million.
With a circulating supply of 420 trillion PEPE tokens, the coin has a market capitalization of $553.4 million. The Relative Strength Index (RSI) on the weekly time frame shows a value of 66.59, suggesting that the asset has not yet entered the overbought territory.
Key resistance levels for PEPE are seen at 0.0000018599, while current support stands at 0.0000012552. These levels are crucial as they can indicate potential breakout or reversal points.
If the price breaks above the resistance level, it could signal an upside breakout, potentially leading to further price appreciation. Conversely, if the support level fails, it may indicate a bearish reversal, suggesting that the price could fall further.