Whale Sell-Off Sparks Downturn for PEPE: How Far Could the Decline Go?

Whales Offload PEPE Tokens Amid Breakdown of Bullish Pattern

Recent developments in the cryptocurrency market have seen significant changes for the popular meme token, PEPE. Major holders, known as crypto whales, have initiated large-scale PEPE sell-offs following the breakdown of a key bullish triangle pattern. This mass selling could trigger a further decline, potentially pushing PEPE's price down by up to 15%.

Major PEPE Transfer Signals Profit Taking

In one notable transaction, a whale transferred 502.5 billion PEPE tokens—worth approximately $6.47 million—to Binance, the world’s largest crypto exchange. This move secured a profit of $7.47 million in less than a month, reflecting the rapid profit realization among big investors.

Support Levels and Market Analysis

After breaking below its ascending triangle, PEPE is now trading around the $0.000012 price level. The Relative Strength Index (RSI) stands at 52, indicating a neutral market sentiment. Analysts warn that if downward pressure continues, PEPE could approach its critical support near $0.0000111 and test the crucial 200-day exponential moving average (EMA), a key technical indicator for traders.

On-Chain Data Hints at New Whale Strategies

Despite the bearish momentum and significant sales from whales, on-chain analytics show a 4.09% rise in large PEPE transaction volumes. This uptick suggests that whales may be repositioning their holdings at lower prices, potentially preparing for the next market move.
As volatility persists, PEPE’s future price movement will likely depend on the behavior of major holders, broader crypto market trends, and investor sentiment.