A massive whale transaction involving 114 billion PEPE coins has stirred up the cryptocurrency market, impacting both sentiment and price dynamics. Despite a recent dip in PEPE’s value, the large sell-off by a key trader hints at a possible bullish trend.
On-chain data platform Lookonchain revealed that the trader sold off all 114.7 billion PEPE coins for 366.5 ETH, equivalent to around $1.27 million, at a break-even price. The trader had initially bought the coins for the same amount at $0.000011 on May 14 and 15.
This significant sell-off may have contributed to the recent price drop, causing some uncertainty among investors. However, such a major transaction could also signal a potential market bottom, as big holders often sell off before a price rebound.
PEPE’s price had surged to $0.000017 on May 27, resulting in a $670,000 profit for the trader, a 50% increase. Despite this peak, the price started to fall, eventually dropping below the break-even point, prompting the trader to offload all holdings.
Yesterday, PEPE hit a 26-day low of $0.00001057 and is currently trading at $0.00001199, down by 0.57%. Over the past week, the coin has decreased by 6.59%. While the coin hit an all-time high 19 days ago, it is now 30% lower than that peak.
Looking ahead for PEPE, the coin is currently trading at $0.00001198, with a 0.58% decline and a 21.29% increase in trading volume. The major resistance levels for PEPE are at $0.00001530, $0.00001722, and $0.00002072, with support at $0.00001192.
The daily Relative Strength Index (RSI) is at 46, suggesting that the coin is approaching oversold conditions. As PEPE navigates through this volatile phase, market observers are closely monitoring for any signs of a potential rebound.