- A Pepe whale has withdrawn $3 million worth of tokens from exchanges.
- Previous withdrawals resulted in a profit of approximately $600,000.
While PEPE seems to have lost momentum in both price and hype, the whales were still actively benefiting. Recent data revealed a remarkable whale transfer of PEPE tokens, coinciding with a positive price trend.
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Pepe Whale makes the money move
According to a message from Look at chain, a Pepe whale recently made a substantial withdrawal from Binance. According to the tracking site’s data, the whale has withdrawn 2 trillion PEPE tokens, worth about $3 million.
In addition, the post mentioned that the same whale had previously withdrawn 3.94 trillion PEPE tokens, worth $6.46 million at the time, on two occasions — once on June 27 and then again on July 5. In addition, on July 14, the whale deposited 3.94 trillion PEPE tokens, valued at $7.06 million at the time, resulting in a profit of approximately $600,000.
PEPE profit taking trend
On July 23, the recent whale movement turned out to be profitable, as shown by the PEPE token’s daily timetable chart. The chart showed a price increase that day, with the token closing the trade with a gain of more than 1%.
Similarly, on June 27, the asset had a notable appreciation in value, closing the trading session with a significant 6.6% gain. However, the one exception to the general profit-taking trend was observed on July 5, when the price fell more than 2.9%.
Source: TradingView
However, at the time of writing, the token was on a downtrend, with a significant loss of over 9% already recorded. This continued price decline pushed PEPE further into a bear trend, as indicated by the Relative Strength Index (RSI).
Volume trend peaks and valleys
During the period when these whale transactions took place, the total volume of PEPE tokens remained relatively low, as shown by the Santiment chart. However, on July 20, there was one significant volume spike.
On this particular day, the volume surged well beyond the usual range of 70 to 100 million and reached over 8 billion. This was the highest volume the token had seen since launch.
Source: Sentiment
The exact cause of this sudden volume peak remains unknown and did not immediately affect price development. Nevertheless, this unusual rise suggested increased whale activity during that period.
– Read Pepe’s [PEPE] Price Forecast 2023-24
Additionally, based on the reported whale movements, it seems that the whales were primarily using the token for profit-taking, as there was no other apparent utility or use for the token at the time.
