PEPE Coin Faces Sell-Off Risk as Whale Transfers 588 Billion Tokens to Kraken

A major PEPE coin whale moved $10.99M worth of tokens to Kraken, sparking fears of a sell-off. Despite a 6.58% price uptick, traders remain cautious about the impact of potential liquidation.

Whale Movement Raises Concerns for PEPE Coin

A prominent cryptocurrency whale has shifted 588 billion PEPE tokens, valued at $10.99 million, to the Kraken exchange, fueling speculation of an imminent sell-off. Blockchain data reveals that the wallet, identified as 0xBE2, accumulated these tokens over seven months at a cost of $5.2 million. With an unrealized profit of 141%, the move has traders questioning the whale’s intentions.

Market participants worry that the large deposit may signal plans to liquidate, potentially impacting PEPE’s price trajectory amidst its already volatile market.

PEPE’s Market Performance

PEPE coin has gained 6.58% over the past week, trading at $0.00001836 with a 24-hour volume exceeding $1.13 billion. However, the token remains far from its all-time high. The overall cryptocurrency market cap stands at $3.5 trillion, with meme coins contributing $107 billion to the total.

Despite these positive signs, concerns about whale activity have tempered optimism, leaving traders wary of market volatility.

Analyst Predicts Potential PEPE Rally

Crypto analyst Ali Martinez remains bullish on PEPE, citing a TD Sequential buy signal on the daily chart. Martinez highlights a double-bottom reversal pattern and projects a price rally to $0.000021, with the possibility of testing the 61.8% Fibonacci level at $0.00002250.

However, Martinez also notes critical support at $0.00001739, warning that increased selling pressure could trigger a downward correction.

Whale Activity Adds to Uncertainty

The whale’s transfer to Kraken has intensified scrutiny, as large-scale liquidations could disrupt PEPE’s price momentum. While some speculate the tokens may remain on the exchange, the uncertainty surrounding the whale’s intentions has left traders on edge.

This combination of bullish technical indicators and unpredictable whale behavior underscores the delicate balance in PEPE’s market dynamics.

Our creator. creates amazing NFT collections! 
Support the editors - Bitcoin_Man (ETH) / Bitcoin_Man (TON)

Pi Network (Guide)is a new digital currency developed by Stanford PhDs with over 55 million participants worldwide. To get your Pi, follow this link https://minepi.com/Tsybko and use my username (Tsybko) as the invite code.

Binance: Use this link to sign up and get $100 free and 10% off your first months Binance Futures fees (Terms and Conditions).

Bitget: Use this link Use the Rewards Center and win up to 5027 USDT!(Review)

Bybit: Use this link (all possible discounts on commissions and bonuses up to $30,030 included) If you register through the application, then at the time of registration simply enter in the reference: WB8XZ4 - (manual)