The hemorrhage of PEPE’s losses increased a lot after one of the coin whales (its large owners) sold 500 billion of it yesterday and suffered a huge loss.
Over the last 24 hours, the price of PEPE fell by more than 4% to settle at $0.000007858 amid losses of the total value of the sector’s assets as a whole also suffered losses at a similar rate; given that the price of PEPE is currently stable after last week’s fluctuations, down 25% from its level two weeks ago and by 33% a month ago, there is no doubt that this prominent meme is going through a very difficult period.
However, given its ability to maintain a 460% annual gain and a trading volume of $700 million today, the currency looks poised to recover strongly soon.
Did suspicious whale activity cause the PEPE to fall 4% with a trading volume of $700 million?
The PEPE may be under tremendous pressure today, but at least it is going through a wave of overselling that usually sets the stage for an imminent recovery; for example, the RSI, in purple, fell to 40 today, which may make it easier for it to stabilize at higher mid-levels soon.
In a similar sign, the 30-day average moving line (DMA-30, orange) continues to move below its 200-day counterpart (DMA-200, blue) for more than two weeks, indicating that PEPE has been underselling recently, and that its value is below what was previously considered a “fair price,” which is usually considered a positive sign indeed; however, large coin owners have recently shown more tendency to sell than to buy, according to recent conversion data.
Read also:Dollar weakens amid expectations of Federal Reserve rate cuts
A whale sold 500B $PEPE($4M) at a loss 15 minutes ago!
The whale accumulated 750.38B $PEPE($8.34M) from #Kraken at the high prices and deposited 500B $PEPE($4M) into #Kraken 15 minutes ago, leaving 250.33B $PEPE($2.02M).
The whale lost more than $2.3M on $PEPE!… pic.twitter.com/bYfbxKexRz
Lookonchain (@lookonchain) August 14, 2024
Therefore, we can expect the price of PEPE to continue to suffer over the next few days while waiting for conditions surrounding the market as a whole to improve before rebounding higher, especially as recent weeks have been accompanied by concerns about the US economy that have negatively affected investor confidence. As we approach the month of September September, in which experts expect the US Federal Reserve to cut interest rates for the first time in years, this may encourage investors to borrow for the purpose of investment – due to its low cost – and revive the crypto markets with new investments that may extend to include the PEPE currency and cause its value to rise a lot, especially since it has been the most attractive investment tool for whales for nearly a year, which may stimulate its price to reach the level of $ 0.000010 during the next month or two, and perhaps reach the mark of $ 0.000015 by End of the year.
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