PEPE Holds Steady After Whale Sell-Off
Key Takeaways
- A crypto whale sold 723.67 billion PEPE tokens for 4.63 million DAI.
- The PEPE price remained stable and even rose by 2.25% in the short term.
- Technical analysis indicates a possible bullish reversal pattern.
- A price increase of 40% is possible – but so is a decline of 33%.
- Short positions currently dominate, suggesting further downside potential.
Major Sell-Off by Crypto Whale: What Happened?
A so-called “whale” – an investor holding a particularly large amount of tokens – recently sold 723.67 billion PEPE tokens. The transaction earned them 4.63 million DAI, a stablecoin pegged to the US dollar. Such large-scale sales can have a major impact on the market, as they are often seen as a signal of an impending price correction.
Despite this massive sell-off, the PEPE price remained surprisingly stable. In fact, it even rose slightly – by 2.25% within 24 hours. This suggests that while the market took note of the sale, it has not reacted with panic so far.
Technical Analysis: Double Bottom Forming?
A look at PEPE’s daily chart shows a potential bullish pattern: the so-called double bottom. This chart formation indicates a possible trend reversal – provided it completes fully.
The critical support level lies at $0.0000058. PEPE has historically found a bottom around this level multiple times. If the pattern confirms again, the price could rise to as high as $0.0000089 – an increase of about 40%.
Risks: What If the Price Drops?
However, if PEPE fails to hold the support level at $0.0000058, a significant price drop could follow. Should the price fall below $0.0000056, it may trigger a wave of selling. In that case, a decline to the next support at $0.00000368 is possible – a drop of around 33%.
Market Data and Trading Volume
At the time of analysis, the PEPE price stood at approximately $0.0000064. Trading volume decreased by 6.5% within 24 hours. Lower trading activity can indicate declining interest or uncertainty in the market.
You should read that too:
-
Asian Slots – The Best Asia-Themed Online Slot GamesReading time: ~ 3 minutes
-
Love and Valentine’s Day Slots – The Most Romantic Slot Games
Reading time: ~ 3 minutes
-
Medium Volatility Slots
Reading time: ~ 3 minutes
-
Space Slots – Best Space-Themed Slots
Reading time: ~ 3 minutes
-
Gold Slots – Best Slot Machines With a Gold Theme
Reading time: ~ 3 minutes
Leveraged Positions: Short Traders in Control
Data from on-chain analytics platform Coinglass shows that traders are currently using high leverage. Long and short positions have been opened at $0.00000618 (support) and $0.00000655 (resistance), respectively. In total, $1.76 million has been placed on rising prices and $2.85 million on falling prices.
The majority of traders are betting on declining prices – a sign that further selling pressure could be expected in the short term.
Our Assessment
The recent large-scale sale by a PEPE whale drew attention, but did not significantly impact the price. Technical analysis shows a potential bullish pattern that, if confirmed, could indicate rising prices. At the same time, short positions currently dominate, which could increase downward pressure.
What this means for you as an investor: Watch the $0.0000058 level closely. If it holds, gains are possible. If it breaks, a significant drop may follow. In the short term, PEPE remains a volatile investment with both opportunities and risks.
Sources
- Lookonchain
- TradingView
- Coinglass
| Wagering requirements | 35x bonus |
| 35x free spins winnings | |
| Minimum deposit | €20 |
| Maximum bet | €5 |
| Bonus validity | 30 days to claim |
| 14 days to wager / 7 days for free spins |
- There is no maximum bonus amount.
- 10 Free Spins per day over ten (10) days on Gates of Olympus or Book of Ra Deluxe.
| Wagering requirements | 40x bonus |
| 40x free spins winnings | |
| Minimum deposit | 0.0005 BTC |
| Maximum bet | 0.00004 BTC |
| Bonus validity | 30 days after registration |
| 14 days (1st), 7 days (2nd), 1 day (3rd) |
- To get the bonus, enter the bonus code before the deposit.
- Minimum deposit: 0,07 BCH • 0,4 LTC • 233 DOG • 45 XRP • 0,01 ETH • 20 USDT • 69 ADA • 0,05 BNB • 184 TRX • 20 USDC.
- Maximum bet: 0.007 BCH • 0.0009 ETH • 0.04 LTC • 23 DOGE • 2 USDT • 4 XRP • 18 TRX • 7 ADA • 0.005 BNB • 2 USDC • 2 EUR • 2 USD.
- Free spins are provided in batches of 25 per day.
- Free spins are credited on the Gamebeat slots: Max Miner (1st), Book of Elixir (2nd) and Odin’s Tree (3rd).
| 1st deposit | 120% up to $500 + 100 Free Spins |
| 2nd deposit | 100% up to $300 + 100 Free Spins |
| 3rd deposit | 150% up to $500 + 100 Free Spins |
| 4th deposit | 100% up to $300 + 100 Free Spins |
| Wagering requirements | 45x deposit + bonus |
| 40x free spins winnings | |
| Minimum deposit | $10 (1st) |
| $15 (2nd-4th) | |
| Maximum bet | $5 per round |
| Bonus validity | 30 days to claim, 7 days (1st-4th) |
| 7 days for free spins |
- You must complete the registration and verification process, including a valid email or phone number, to qualify for this bonus.
- You must select the desired bonus during the deposit process.
- There is a maximum withdrawal limit of $10 from winnings derived from free spins.
Advertising transparency