Pepe

PEPE

Pepe, an Ethereum-based meme coin, has shown notable price fluctuations following recent developments in the cryptocurrency market. Over the past week, Pepe price has experienced sharp swings, mirroring broader trends within the crypto space. The token is hovering around $0.00001, with bulls and bears contesting its value amid the current market uncertainty.
<h2 id="strong-pepe-price-fluctuations-whale-transactions-signal-potential-market-shifts-strong">Pepe Price Fluctuations: Whale Transactions Signal Potential Market Shifts</h2>
Despite the market decline, Pepe price surged as a whale deposited 400 billion PEPE tokens, worth $4.22 million, to Binance to take profits in the past hour. The transaction highlights a significant movement in the cryptocurrency market as investors closely monitor the whale’s activities.&nbsp;
Previously, the whale withdrew 795.92 billion PEPE tokens, valued at $2.55 million at the time, from Binance on March 1. Following the recent deposit, the whale still holds 395.93 billion PEPE tokens, approximately $4.18 million.&nbsp;
<blockquote class="twitter-tweet">
 A whale deposited 400B <a rel="noopener noreferrer nofollow" href="https://twitter.com/search?q=%24PEPE&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$PEPE</a>($4.22M) to <a rel="noopener noreferrer nofollow" href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw">#Binance</a> to take profits in the past hour.
 The whale withdrew 795.92B <a rel="noopener noreferrer nofollow" href="https://twitter.com/search?q=%24PEPE&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$PEPE</a>($2.55M at the time) from <a rel="noopener noreferrer nofollow" href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw">#Binance</a> on Mar 1 and currently has 395.93B <a rel="noopener noreferrer nofollow" href="https://twitter.com/search?q=%24PEPE&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$PEPE</a>($4.18M) left.
 His total profit on <a rel="noopener noreferrer nofollow" href="https://twitter.com/search?q=%24PEPE&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$PEPE</a> is $5.85M, the ROI is 230%!… <a rel="noopener noreferrer nofollow" href="https://t.co/o7T1ihjoq9">pic.twitter.com/o7T1ihjoq9</a>
 — Lookonchain (@lookonchain) <a rel="noopener noreferrer nofollow" href="https://twitter.com/lookonchain/status/1818934161417367749?ref_src=twsrc%5Etfw">August 1, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
The total profit generated by this investor amounts to $5.85 million, representing a remarkable return on investment (ROI) of 230%. This substantial gain showcases the potential rewards within the cryptocurrency space and the strategic maneuvering by investors to capitalize on market trends.
Over the past 24 hours, <a href="https://coingape.com/price/pepe-coin/" rel="noopener noreferrer nofollow">PEPE price </a>has experienced an 8% decline in its value, currently standing at $0.00000105. The cryptocurrency’s trading range for the day saw a low of $0.000001043 and a high of $0.000001162.&nbsp;
Over the past week, the <a href="https://coingape.com/meme-coin/" rel="noopener noreferrer nofollow">meme coin</a> has experienced a descending trend, with a decrease of 11% and a monthly drop of 8%.&nbsp;
<h2 id="strong-is-the-market-poised-for-recovery-strong">Is the Market Poised for Recovery?</h2>
If the bearish trend continues, PEPE could break below the support level at $0.00001. A further decline could push the price down to $0.0000097 and eventually to $0.0000095, indicating strong selling pressure in the market.
<figure id="attachment_210572" aria-describedby="caption-attachment-210572" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-210572" src="https://coingape.com/wp-content/uploads/2024/08/PEPEUSDT_2024-08-01_16-09-55.png" alt="Pepe Price Plunges as Whale Activity Surges; What’s Next For PEPE?" width="1154" height="588" srcset="https://coingape.com/wp-content/uploads/2024/08/PEPEUSDT_2024-08-01_16-09-55.png 1154w, https://coingape.com/wp-content/uploads/2024/08/PEPEUSDT_2024-08-01_16-09-55-300x153.png 300w, https://coingape.com/wp-content/uploads/2024/08/PEPEUSDT_2024-08-01_16-09-55-768x391.png 768w, https://coingape.com/wp-content/uploads/2024/08/PEPEUSDT_2024-08-01_16-09-55-150x76.png 150w" sizes="(max-width: 1154px) 100vw, 1154px">
 <figcaption id="caption-attachment-210572" class="wp-caption-text">
 Pepe Price By <a rel="noopener noreferrer nofollow" href="https://www.tradingview.com/x/h28ZDddb/">TradingView</a>
 </figcaption>
</figure>
The <a href="https://coingape.com/best-indicators-for-crypto-trading/" rel="noopener noreferrer nofollow">technical indicators </a>for Pepe reveal a mixed outlook in the cryptocurrency market. The Relative Strength Index (RSI) is currently at 27, indicating that the asset is in the oversold territory, which suggests a potential for a price reversal.&nbsp;
The Moving Average Convergence Divergence (MACD) shows bearish momentum. The MACD line is slightly below the signal line, with the histogram indicating a negative trend.
According to <a rel="noopener noreferrer nofollow" href="https://www.coinglass.com/currencies/PEPE">Coinglass</a> data, the Pepe derivatives market is showing signs of a potential decrease in investor confidence. Open interest has fallen by 5%, settling at $140 million. This reduction typically indicates that fewer contracts are open and active, suggesting that traders might be exiting their positions.
However, if the market rebounds, <a href="https://coingape.com/markets/is-pepe-coin-40-climb-ath-reversal-pattern-insights/" rel="noopener noreferrer nofollow">Pepe</a> price could rally above the $0.0000105 resistance level. Continued bullish momentum could drive the price to $0.000011 and potentially reach $0.000015 in the coming bullish run.
The post <a href="https://coingape.com/markets/pepe-price-plunges-as-whale-activity-surges-whats-next-for-pepe/" rel="noopener noreferrer nofollow">Pepe Price Plunges as Whale Activity Surges: What’s Next For PEPE?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Pepe Price Plunges as Whale Activity Surges: What’s Next For PEPE?

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