Pepe

PEPE

<p>The post <a href="https://coinpedia.org/price-analysis/pepe-price-plunges-as-whale-moves-400b-units-whats-next-for-the-meme-coin/">PEPE Price Crashes as Whales Dump, Technicals Signal Trouble: What Next?</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>Following major announcements from the U.S. Federal Reserve and the Bank of Japan, the cryptocurrency market is undergoing a correction. <a href="https://markets.coinpedia.org/pepe/">Pepe (PEPE</a>), the frog-themed meme coin on the <a href="https://markets.coinpedia.org/ethereum/">Ethereum (ETH)</a> network, has dropped around 8% in the past 24 hours. On Thursday morning in New York, it was trading at about $0.00001045.</p> 
<p>What else is there to know about this meme coin? Dive in. </p> 
<h2 class="wp-block-heading" id="h-pepe-s-market-performance">Pepe’s Market Performance </h2> 
<p>The mid-cap meme coin, with a fully diluted valuation of about $4.4 billion and a daily average traded volume of around $748 million, flashed a midterm bearish outlook after struggling to maintain bullish momentum.</p> 
<p>Moreover, <a href="https://coinpedia.org/price-prediction/pepecoin-pepe-price-prediction/" target="_blank" rel="noreferrer noopener">Pepe’s price</a> closed the past two months with a bearish outlook, and based on historical data, the crypto industry could continue in a downward trend in August.&nbsp;</p> 
<h2 class="wp-block-heading" id="h-whale-activity-raises-concerns">Whale Activity Raises Concerns</h2> 
<p>On-chain data from Lookonchain reveals that a major whale investor recently deposited 400 billion PEPE units—worth $4.22 million—into the Binance crypto exchange. The whale currently holds about 395 billion PEPE units, valued at approximately $4.1 million.</p> 
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   <p lang="en" dir="ltr">A whale deposited 400B <a href="https://twitter.com/search?q=%24PEPE&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$PEPE</a>($4.22M) to <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw">#Binance</a> to take profits in the past hour.<br><br>The whale withdrew 795.92B <a href="https://twitter.com/search?q=%24PEPE&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$PEPE</a>($2.55M at the time) from <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw">#Binance</a> on Mar 1 and currently has 395.93B <a href="https://twitter.com/search?q=%24PEPE&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$PEPE</a>($4.18M) left.<br><br>His total profit on <a href="https://twitter.com/search?q=%24PEPE&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$PEPE</a> is $5.85M, the ROI is 230%!… <a href="https://t.co/o7T1ihjoq9">pic.twitter.com/o7T1ihjoq9</a></p>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1818934161417367749?ref_src=twsrc%5Etfw">August 1, 2024</a>
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<p>This large transaction could create additional selling pressure for the 266,842 PEPE holders in the weeks ahead.</p> 
<h2 class="wp-block-heading" id="h-technical-analysis">Technical Analysis </h2> 
<p>The Bitcoin fear and greed index has dropped from over 72%—indicating greed—to around 52%—reflecting a neutral stance—in the last two days. Technically, PEPE’s price is forming a head and shoulders (H&amp;S) pattern, accompanied by a bearish divergence on the daily Relative Strength Index (RSI).</p> 
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   <p lang="en" dir="ltr"><a href="https://twitter.com/search?q=%24PEPE&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$PEPE</a> has actually been holding up quite well through all this. <br><br>I would not be surprised if we see another leg up to take some untapped liquidity before the larger move down continues. <br><br>No plans to attempt a long- yet. For now just watching to see how things develop. <a href="https://t.co/aT9VFPLNKt">https://t.co/aT9VFPLNKt</a> <a href="https://t.co/5U2MzPLTUW">pic.twitter.com/5U2MzPLTUW</a></p>— CrediBULL Crypto (@CredibleCrypto) <a href="https://twitter.com/CredibleCrypto/status/1818908795151507859?ref_src=twsrc%5Etfw">August 1, 2024</a>
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<p>If the bearish trend continues, Pepe’s price could find support in the range of $0.000009 to $0.000007, which aligns with the 0.5 and 0.618 weekly Fibonacci Retracement levels.</p> 
<p>Also Read: <a href="https://coinpedia.org/news/top-6-altcoins-poised-for-explosive-rally-before-2025/" target="_blank" rel="noreferrer noopener">Top 6 Altcoins Poised For Explosive Rally Before 2025</a></p> 
<p><strong>Will Pepe manage to hop out of this bearish trap, or is it headed for a deeper dive?</strong></p>

PEPE Price Crashes as Whales Dump, Technicals Signal Trouble: What Next?

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