Whale Sells 10 Billion PEPE: Price Prediction as PEPE Plummets 8%
Pepe has fallen by 8% today, dropping to $0.00001058 after a whale dumped 10 billion PEPE and provoked a selloff.
The Ethereum-based meme coin is now down by 16% in a week and 30% in a month, although it holds onto a big 511% gain in the past year.
Its losses over the past few weeks may be disappointing, but they put the coin in a strong position to rebound.
And given that the same whale still holds 1.99 trillion PEPE, there’s still an expectation that it will see more gains in the not-too-distant future.
PEPE has taken a big hit today, yet the flipside of this is that it has entered an oversold position, which usually implies an incoming recovery.
It’s particularly evident with its relative strength index (purple), which has dropped below 25 today as holders race to sell.
Also declining is the coin’s 30-day moving average (orange), which is falling further below the 200-day (blue), again to the point where it really needs to come back up.
It will be interesting to see whether the coin’s support level (green) can prevent a fall below $0.0000105, especially when it has fallen by 2% in the past hour.
If it can prevent a further drop, it may rebound quickly.
Of course, as noted above, whales seem more likely to sell PEPE than buy it right now, with the offloading of 10 billion PEPE by long-term holder dimethyltryptamine.eth potentially a bad sign.
After over 10 months of inactivity with $PEPE, dimethyltryptamine.eth returned to sell 10B $PEPE ($112K) for 32.73 $ETH ~5hrs ago.
Notably, dimethyltryptamine.eth was an early $PEPE buyer who turned $45K into $26.7M (+58.6K%).
Currently, the whale holds 1.99T $PEPE ($21.9M).… pic.twitter.com/dlTwu3Q4u9
— Spot On Chain (@spotonchain) July 3, 2024
On the other hand, the tweet also notes that the
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