Pepe coin experiences a sudden drop of 5.2% following a significant deposit, sparking speculation among investors. The deposit, made by a multisign wallet, amounted to 1.238 trillion Pepe tokens, valued at an impressive $10.6 million, and was sent to Binance without warning. This unexpected influx of tokens caused the price to plummet, leaving many curious about the motives behind this move.
Interestingly, the whale responsible for the deposit held onto the tokens for just three days, resulting in a modest profit of $134,000, which equates to a mere 1.28% increase. This unconventional maneuver took place during a period of volatility for Pepe, as is common with meme coins that experience fluctuating popularity.
Despite the turbulence, there are signs of hope for the Pepe community. Santiment’s data analysis indicates a promising increase in Network Growth, suggesting renewed interest from new addresses. This surge of attention could potentially lead to a significant rise in the token’s value in the future.
Furthermore, the recent accumulation of Pepe tokens by a prominent whale adds to the optimism surrounding the coin. This whale invested a substantial amount of $1.26 million in USDC to secure a notable quantity of Pepe tokens. This marks their seventh successful trade within the past six months, resulting in profits totaling $915,000.
The question now arises: where will the PEPE frog jump to next? Pepe has shown a bullish trend recently, with higher highs and higher lows since reaching the $0.00000448 level on April 14th. Although there has been some volatility along the way, the overall trajectory remains positive, with the potential for the token to reach the $0.00000926 level in the near future.
This bullish sentiment is supported by the Relative Strength Index (RSI), which currently stands at 62.55, indicating strong momentum without entering overbought territory just yet.
However, the ultimate direction of Pepe’s price depends not only on its technical indicators but also on its presence on social media. Recent spikes in Social Volume suggest increased interest in the meme coin, hinting at the possibility of continued price rallies in the coming days.