PEPE Price in Trouble as Whale Activity Declines – Here’s What You Need to Know
The Pepe price has gained by 2% in the past 24 hours, rising to $0.000008103 as the crypto market remains flat today.
PEPE is now up by 8% in the past week, yet the meme coin has actually fallen by 35% in the last 30 days.
This decline has come amid a drop in whale activity, with the last big Pepe-related move coming just over a week ago when a large trader dumped 500 billion PEPE at a $4 million loss.
This doesn’t bode well for PEPE, but with the formerly red-hot meme token still sitting on an annual gain of 650%, it potentially has enough medium- and long-term momentum to recover strongly.
PEPE’s 1-day chart continues to look promising, with its indicators still in the ascendance.
Its 30-period moving average (orange) topped the 200-day average (blue) a couple of days ago, with more space to rise.
Much the same applies to PEPE’s relative strength index (purple), which is high without being too high.
However, the coin’s 24-hour trading volume is potentially worrying, given that it’s at only $600 million today.
This is down from $3.5 billion in early August (during a big selloff), and from around $2.7 billion in May, when it reached its current ATH.
Yet what’s significant about these two figures is that the volume for the selloff was higher than for the coin hitting an ATH, suggesting that most big holders have dumped their PEPE bags.
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
This is the impression you’d form if you were looking solely at particular Crypto Twitter accounts, but these don’t
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