PEPE Coin Faces 15% Price Decline Amid Whale Accumulation

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Key Takeaways

  • PEPE coin's value dropped over 15% in a week as whales accumulated billions in tokens, impacting market stability.
  • Whales have been actively withdrawing large amounts of PEPE and other tokens from exchanges, indicating long-term investment strategies.
  • Technical analysis suggests PEPE faces resistance at $0.0000132 and $0.0000139, with support at $0.0000119, showing a cautiously bearish outlook.

PEPE coin experiences significant price drops as whales accumulate billions in tokens, impacting market stability.

PEPE has seen significant price fluctuations recently. After hitting an all-time high of around $0.0000172, the meme coin’s value plummeted by over 15% in the last week and experienced a nearly 2% drop in the past 24 hours.

Currently, PEPE is trading at $0.000012 with a market cap exceeding $5 billion.

Lookonchain, a blockchain analytics company, has noticed a pattern in which new wallets, allegedly held by whales, are impacting the prices of some cryptocurrencies, especially PEPE.

On June 9, an anonymous cryptocurrency whale purchased 231.6 billion PEPE tokens from Kraken, valued at approximately $2.9 million.

Lookonchain said this acquisition boosts the whale’s total holdings to 750.34 billion PEPE, worth $8.34 million since mid-March.

    UNI, BLZ, PEPE, TRB Favored by Whales

    Lookonchain has observed a pattern in which newly created wallets, believed to be owned by large investors, influence the market values of specific cryptocurrencies like UNI, BLZ, PEPE, and TRB.

    These wallets have been actively accumulating large amounts of these tokens directly from major exchanges. For instance, one of these new wallets withdrew 870,827 UNI tokens, valued at $8.5 million, from the OKX exchange, and another pulled 7.69 million BLZ tokens, worth $2.16 million, from Binance.

    Significant transactions involving PEPE and TRB tokens were tracked, with one wallet withdrawing 303.4 billion PEPE tokens, amounting to $3.8 million, and another moving 20,628 TRB tokens, worth $1.9 million, from Binance.

    These movements, generally away from centralized exchanges to private wallets, hint at a strategy geared towards long-term investment and reduced liquidation risk.

    Impact on PEPE Coin Price:

    • The accumulation of PEPE by new, significant holders could signify a strong vote of confidence in the coin’s long-term value.
    • Removing a large volume of PEPE from exchanges reduces available supply and can lead to price stabilization or increases if demand remains constant or grows.
    • Such activities can attract attention to PEPE, potentially drawing more investors and increasing its market cap further.

    That being said, let’s have a look at the technical side of Pepe Coin.

    Pepe Price Prediction

    PEPE is currently trading at $0.0000126, reflecting a 1.25% decline. The 4-hour chart indicates a pivotal moment for the asset, with the price hovering around the $0.0000132 pivot point, previously acting as a strong support level.

    Pepe price | Source: TradingView
    Pepe price | Source: TradingView

    The market shows indecision, as evidenced by the formation of Doji and Spinning Top candles. These patterns suggest that traders are uncertain about the asset’s future direction.

    • The immediate resistance is pegged at $0.0000140, with further resistance levels at $0.0000152 and $0.0000164.
    • Conversely, support levels are observed at $0.0000119, $0.0000109, and $0.0000097, offering a safety net if the price continues to decline.

    The Relative Strength Index (RSI) stands at 41, indicating that PEPE is neither overbought nor oversold. The 50-day Exponential Moving Average (EMA) is at $0.0000139, a critical level to watch.

    Historically, this EMA has acted as a significant barrier to upward movement, suggesting that any breakout above the pivot point of $0.0000132 will likely face strong resistance at this level.

    The recent price action shows that PEPE has bounced off the $0.0000119 support level multiple times, particularly in May, suggesting a potential double-bottom pattern. However, the immediate resistance around $0.0000132 now poses a challenge, as it has transitioned from a support level to a resistance level.

    Pepe Might Be Bearish

    In conclusion, the technical outlook for PEPE is cautiously bearish below the $0.0000132 pivot point. A break above this level could signal a shift to a more bullish bias, potentially pushing the price toward the next resistance levels. However, the 50-day EMA at $0.0000139 remains a critical obstacle.

    Traders should watch for a sustained move above this EMA to confirm bullish momentum. Until then, the price will likely remain constrained within the current support and resistance levels, with any downward breach of $0.0000119 pointing to further declines.

    Other Meme Coins with Potential

    Several promising new meme coins have been introduced in recent weeks, with WienerAI (WAI) leading the charge. This Ethereum-based cryptocurrency has already raised over $5 million through its token offering.

    WienerAI integrates artificial intelligence to assist traders by predicting market movements, thereby aiding investment decisions.

    WienerAI features an atomic swap function that allows direct trading within the app based on its recommendations, coupled with front-running protection to safeguard transactions.

    With a hard cap of 69 billion tokens and staking options, WienerAI might be a valuable asset for traders leveraging AI insights.

    Currently priced at $0.000717 per token, WienerAI represents a growing investment opportunity as it prepares to list shortly.

    Visit WienerAI