PEPE Whale Sells 600 Billion Tokens Worth $6.1 Million As Bearish Trend Persist

Key Insights

• Pepe whale sells 600 billion worth $6.1 million

• Pepe has declined by 21% over the past 7 days

Pepe whales' activity is soaring once again, both on the supply and demand side. As reported by Onchain monitors, some whales are aggressively exiting the market. 

According to Onchain Lens, a Pepe whale has sold the last 600 billion Pepe tokens worth $6.1 million through Binance. After this sale, the whale has recorded a loss of $3.48 million. 

Recent Activity: A significant transaction involving the transfer of 600 billion PEPE tokens valued at $6.1 million occurred 6 minutes ago, highlighting active movement within the Token Millionaire's portfolio.

Initially, the whale withdrew 2.2 trillion PEPE for $27.73 million and now deposited it back for $24.25 million after holding it for a month. When a whale decides to sell and close positions in its entirety, it reflects a significant lack of confidence. 

Also Read: Pepe whale sells 1 trillion tokens

Now, this whale is signaling bearish sentiment and lacks confidence in Pepe's prospects. Overall, Pepe whales have sold a total of 4.26 trillion tokens over the past day. A growing selling activity from whales indicates that whales are not very incentivized to continue holding the memecoin. 

With whales turning to massive selling, this has spread across all the markets, with overall selling volume from other players reaching over 200 billion. 

Is Pepe at Risk?

Currently, Pepe is facing massive pressure to the downside, with selling pressure dominating the market. Over the past 3 days, the memecoin's RSI has declined to almost oversold territory. Now, PEPE RSI sits around 38. 

Pepe/USDT daily chart showing recent price fluctuations with a slight downward trend. Candlestick patterns reflect volatility, with current trading price at 0.00001006. Volume stands at 10.28K and RSI indicators suggest mixed momentum.

If sellers of both whales and retail continue with the selling pressure, the downtrend will most likely continue, and the memecoin will dip further. Another drop from $0.00001008 will send the memecoin spiraling to $0.000007. However, if the memecoin holds $0.00001 base, it will rebound and eye $0.000011.