Million

PEPE

<figure> 
 <figcaption>
 Cover image via <a href="https://u.today/">U.Today</a>
 </figcaption> 
</figure>
Within the last hour, a whale sent 400 billion <a href="https://u.today/1702-billion-pepe-dumped-by-diamond-hand-whale-with-massive-profit">PEPE</a> (about $4.22 million) to <a href="https://x.com/lookonchain/status/1818934161417367749">Binance</a> in order to profit. This whale now possesses 395.93 billion PEPE, which is valued at $4.18 million after previously withdrawing 795.92 billion PEPE, or $2.55 million, from Binance on March 1.&nbsp;
With a remarkable ROI of 230%, the whales' total <a href="https://u.today/1702-billion-pepe-dumped-by-diamond-hand-whale-with-massive-profit">PEPE</a> profit is $5.85 million. Looking at the PEPE chart, we can see that the asset had a recent decline that ended just above the pivotal 50 EMA (Exponential Moving Average).&nbsp;
<img alt="PEPEUSDT" data-entity-type="file" data-entity-uuid="23443236-12f4-4e81-8481-102dbc87e19a" src="https://u.today/sites/default/files/inline-images/image_1055.png"><a href="https://www.tradingview.com/">PEPE/USDT Chart by TradingView</a>
A breach below it could indicate additional bearish momentum, making this level crucial as it frequently serves as a solid support level. According to the chart, the 50 EMA is situated just above PEPE's current price, which is approximately $0.00001055.
The relative strength index is down to 54, suggesting a slowing trend but not yet reaching oversold levels. The significant sell-off by the whale and this decline raise concerns because they could result in more selling pressure on the market. The next support levels to watch are around $0.00001046 and $0.00000846 - if PEPE is unable to maintain its gain above the 50 EMA.&nbsp;
These levels could once again serve as a solid foundation for <a href="https://u.today/pepe-wif-skyrocket-over-25-in-day-here-are-two-reasons">PEPE</a> to stabilize and possibly rise. They have previously served as strong support. Given the whales' profit-taking behavior and the state of the technical indicators, traders should exercise caution.
Significant holders' large sell-offs may cause further price declines and increased volatility. Nonetheless, PEPE may find some stability and draw interest from buyers at these lower levels if it can keep its position above the 50 EMA.

Major PEPE Whale Takes Profits: $5.85 Million Gain

U_Today

Other articles published on Aug 1, 2024

Ripple Faces Continued Uncertainty in Legal Battle with SEC

Defunct Mt. Gox drops Bitcoin repayment update, will BTC react to it?

Convicted Hacker Linked to Sydney Sweeny & Odenkirk Celebrity Crypto Hacks

Watch Out: Warning Issued About Recently Hot Altcoin – “Developers Secretly Own and Sell Most of ...

BlockDAG’s CEO ‘Antony Turner’ Pushes Presale To New Heights With 1600% Price Rise, Competing Wit...

Hong Kong Set to Launch Asia’s First Bitcoin Futures Inverse Product: What it Means for Traders

Join our free newsletter for daily crypto updates!