A recent tweet by blockchain tracking firm Lookonchain has shed light on a significant transaction involving a smart money investor and the meme coin Pepe (PEPE). The investor reportedly sold a staggering 1.33 trillion PEPE tokens, amounting to 1,162 Ethereum (ETH) or approximately $2.115 million at the time of the sale. The average sell price was recorded at $0.000001595.
The timing of the whale’s sale proved to be opportune, as CoinMarketCap indicated a 9.41% decline in PEPE’s price at the time of the transaction. Consequently, the meme coin’s value stood at $0.000001546, trailing behind the market leaders Bitcoin (BTC) and Ethereum (ETH) by 8.30% and 8.82% respectively within the last 24 hours.
PEPE’s trading activity showed it veering closer to its 24-hour low of $0.000001535 rather than its daily high of $0.000001736. Moreover, the coin’s trading volume experienced a significant drop of over 43%, with a total of $225,497,257 recorded at the time.
Analyzing the 4-hour chart for PEPE/USDT (Source: TradingView), it is evident that the coin managed to breach the resistance level at $0.0000016670 on Saturday evening, reaching a high of $0.0000015653. However, this increase triggered profit-taking among investors and traders, leading to a slight pullback that closed the 4-hour candle at $0.0000017497.
Unfortunately, PEPE failed to sustain its position above the aforementioned price point and concluded the following afternoon at $0.0000016282. Subsequently, its price dropped below both the 9 EMA and 20 EMA lines on the 4-hour chart, where it continued to trade at the time of reporting.
It is important to note that the information and viewpoints presented in this price analysis are published in good faith. Readers are advised to conduct their own research and due diligence, as any actions taken based on this information are solely at their own risk. Coin Edition and its affiliates disclaim any liability for direct or indirect damages or losses.
This article was originally published on Coin Edition and the title was “On-Chain Data Suggests a Whale Caused the Recent PEPE Onslaught.”