Over the past 24 hours, the PEPE price has crashed 5.11% amid a wider market decline, with meme coins down an average of 4.01%.
Notably, a significant whale transfer of 400 billion PEPE on August 1st, worth $4.22 million, seems to have stirred investors.
A whale deposited 400B $PEPE($4.22M) to #Binance to take profits in the past hour.
The whale withdrew 795.92B $PEPE($2.55M at the time) from #Binance on Mar 1 and currently has 395.93B $PEPE($4.18M) left.
His total profit on $PEPE is $5.85M, the ROI is 230%!… pic.twitter.com/o7T1ihjoq9
— Lookonchain (@lookonchain) August 1, 2024
Today’s drop pushes PEPE further into the red, falling 15.52% below last Friday’s prices. Although more significant, this coincides with declines observed from most other notable altcoins.
Indeed, with this significant transfer, trader activity appears elevated. The meme coin’s trading volume has surged 34.50% over the past 24 hours to 820.88 Million.
PEPE Price Recovery Fails Post Whale Transfer – More Downside Ahead?
Yesterday’s whale transfer seems to have spearheaded PEPE’s decline over the past 24 hours, despite an attempted recovery since, PEPE appears poised for further downside.
Most significantly, PEPE’s relative strength index (RSI) (purple) has been suppressed below the 50 mark since the transfer, currently at 40.
Although it has not reached oversold territory, this neutral stance leans bearish, indicating shaken confidence as buying pressure fails to push it out of this range.
Although these indicators set a negative precedent for the near term, Wider trends point towards the bearish trend persisting. The 20DMA (yellow) is currently on a steep decline, sitting far below the 200DMA (blue) in its downtrend.
Both the short-term and long-term trends point towards the downside. Therefore, traders should set their eyes on key support at $0.00000918 as the next level to watch.
Notably, given that PEPE has no real fundamentals of it’s own, it often follows wider market trends. Therefore, the recent decision from the US Federal Reserve to hold interest rates in August may have contributed to the lackluster price action.
Whales Are Scooping Up This New PEPE Coin Instead
Although traders may want to cling to PEPE for further gains, the meme coin landscape has evolved. The best opportunities now leverage real utility alongside a strong community.
As the leading hype-based coins reach multi-billion dollar market caps, their biggest gains are behind them, and traders are hungry for the next memecoin set for explosive growth.
Enter Pepe Unchained ($PEPU), a meme coin that transcends conventional utility. It addresses two of the most significant pain points in the current crypto landscape – transaction speeds and fees.
This liberated evolution of Pepe operates on its own Layer 2 chain, freeing itself from Ethereum’s shackles, offering lower fees and 100x faster transaction speeds.
It’s not just a memecoin, it’s a memechain! Something that may be credited to its instant success, raising almost $6.5 million in its presale so far.
Chain after chain is broken! 🐸⛓️
Pepe has raised $6M! The revolution continues! pic.twitter.com/555bPCkWdE
— Pepe Unchained (@pepe_unchained) July 28, 2024
This confidence can also be attributed to Pepe Unchained’s commitment to transparency. It has undergone two audits and features its own block explorer, allowing users to track all transactions on its unique chain.
At a temporary fixed presale price of $0.0082596, those who act quickly stand to benefit the most. Investors are currently earning an impressive 284% APY. This presents a valuable passive income opportunity, even amidst recent market volatility.
Join the Pepe Unchained community on X and Telegram to stay up to date on the latest announcements.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
