- On-chain statistics revealed that the exchanges have witnessed an inflow of $6.8 million in PEPE.
- PEPE could rise 40% to reach the next resistance level at $0.000026 if it holds itself above the $0.000018 level.
Pepe [PEPE]the popular and third largest crypto meme coin, has experienced a significant 20% price drop due to the Fed Chairman’s anti-crypto stance. However, the chairman’s statement not only caused a price drop in PEPE, but also caused a massive sell-off in the cryptocurrency market.
Whale dumps $2.7 million worth of PEPE at a loss
Amid this, a whale appears to have dumped 150 billion PEPE worth $2.72 million on Binance, the world’s largest cryptocurrency exchange, at a loss of $219,000, according to blockchain-based transaction tracker Lookonchain.
This substantial sell-off occurred as the market began to experience a price decline.
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In addition to these whales, long-term holders also appear to be dumping their assets on exchanges, as reported by on-chain analytics firm Coinglass.
PEPE spot inflow/outflow data showed that the exchanges have witnessed significant PEPE inflows worth $6.80 million.
These substantial inflows indicate the movement of assets from wallets to exchanges, which is a bearish sign for token holders as it potentially signals a price decline and increased selling pressure.
PEPE technical analysis and key levels
Despite the notable dumping by whales and long-term holders, PEPE has managed to stay above the crucial support level at $0.000018.
According to expert technical analysis, the PEPE price has started to recover after finding support at this level.
Based on recent price action, if PEPE remains above the $0.000018 level, there is a high possibility that it could rise by 40% to reach the next resistance level of $0.000026 in the future.
Source: TradingView
On the plus side, PEPE’s Relative Strength Index (RSI) is currently near oversold territory, indicating that the price is about to recover.
Read Pepe’s [PEPE] Price forecast 2024–2025
When these on-chain metrics are combined with technical analysis, the sell-off appears to reflect fear among whales and long-term holders.
At the time of writing, PEPE was trading around $0.0000191 and has experienced a price drop of over 12% in the past 24 hours. During the same period, trading volume increased by 63%, indicating greater participation from traders and investors amid the market sell-off.