In a surprising turn of events, on-chain data analysis from Lookonchain suggests that a prominent whale in the crypto market recently sold all their holdings of the meme coin PEPE, possibly to break even. The whale’s actions involved selling over 1 trillion PEPE within the last 24 hours.
The blockchain tracking firm Lookonchain took to Twitter this morning to share this intriguing development. According to their post, the smart money investor exchanged 1.33 trillion PEPE for 1,162 Ethereum (ETH), which is approximately valued at $2.115 million. The average sell price was calculated to be around $0.000001595.
At present, PEPE’s price has experienced a 9.41% drop, leaving it at $0.000001546. This decline coincided with the whale’s sell-off and further affected the meme coin’s performance when compared to the leading cryptocurrencies Bitcoin (BTC) and Ethereum (ETH). Over the past 24 hours, PEPE lost 8.30% against BTC and 8.82% against ETH.
Market Performance and Price Analysis
PEPE’s trading volume also saw a significant decrease, dropping by more than 43%, which brings the total volume to $225,497,257 at the time of this report. Furthermore, the meme coin traded closer to its 24-hour low of $0.000001535 rather than reaching its daily high of $0.000001736.
In terms of price movement, PEPE briefly surpassed the resistance level at $0.0000016670 on Saturday evening, reaching a high of $0.0000015653. However, this upward momentum triggered profit-taking among investors and traders, leading to a slight pullback that closed the 4-hour candle at $0.0000017497.
Unfortunately, PEPE failed to maintain its position above the aforementioned resistance level and closed yesterday afternoon at $0.0000016282. Subsequently, its price dropped below the 9 EMA and 20 EMA lines on the 4-hour chart, where it remains at the time of writing.
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