On-Chain Data Suggests a Whale Caused the Recent PEPE Onslaught

  • The post showed that the smart money investor had sold more than 1 trillion PEPE in the past 24 hours.
  • At press time, the meme coin’s price stood at $0.000001546 following a 9.41% drop.

The blockchain tracking firm Lookonchain tweeted this morning that a smart money investor recently sold all of his Pepe (PEPE) to break even in the last 24 hours. According to the post, he sold 1.33 trillion PEPE for 1,162 Ethereum (ETH), worth approximately $2.115 million, with an average sell price of $0.000001595.

The whale sold just in time, as CoinMarketCap indicated that PEPE’s price was down 9.41% at press time. As a result, the meme coin’s price stood at $0.000001546. It was also outperformed by the two market leaders Bitcoin (BTC) and Ethereum (ETH) over the past 24 hours, with PEPE down 8.30% against BTC and 8.82% against ETH.

PEPE was also trading closer to its 24-hour low of $0.000001535 than its daily high at $0.000001736. In addition to this, the meme coin’s trading volume dropped more than 43%, taking the total to $225,497,257 at press time.

4-hour chart for PEPE/USDT (Source: TradingView)

PEPE’s price was able to break above the resistance level at $0.0000016670 on Saturday evening, and reached a high of $0.0000015653. The 11+% increase in the meme coin’s price immediately triggered a profit-taking phase from investors and traders — resulting in a slight pullback to close the 4-hour candle at $0.0000017497.

The altcoin was unable to maintain a position above the aforementioned $0.0000016670 price point, however, and closed at $0.0000016282 yesterday afternoon. Thereafter, its price proceeded to drop below the 9 EMA and 20 EMA lines on its 4-hour chart, where it continued to trade at press time.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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