- On-chain metrics revealed that exchanges have witnessed an inflow of $6.8 million worth of PEPE.
- PEPE could soar by 40% to reach the next resistance level of $0.000026 if it holds itself above the $0.000018 level.
Pepe [PEPE], the popular and third-largest crypto meme coin, has experienced a significant 20% price decline following the anti-crypto stance taken by the Fed Chair. However, the Chair’s statement not only caused a price decline in PEPE but also triggered a massive sell-off across the cryptocurrency market.
Whale dumps $2.7 million worth of PEPE at loss
Amid this, a whale appears to have dumped 150 billion PEPE worth $2.72 million, onto Binance, the world’s largest cryptocurrency exchange, at a loss of $219,000, according to the blockchain-based transaction tracker Lookonchain.
This substantial sell-off occurred as the market started experiencing a price decline.
Source: X
In a post on X (formerly Twitter), Lookonchain noted that this whale withdrew the meme coin on 28th November along with 60 billion Shiba Inu (SHIB) meme coins.
Besides these whales, long-term holders also seem to be dumping their holdings onto exchanges, as reported by the on-chain analytics firm Coinglass.
Data from PEPE spot inflow/outflow revealed that exchanges have witnessed a significant inflow of $6.80 million worth of PEPE.
This substantial inflow indicates the movement of assets from wallets to exchanges, which is a bearish sign for token holders as it potentially suggests a price decline and increased selling pressure.
PEPE technical analysis and key levels
Despite the notable dump by whales and long-term holders, PEPE has managed to stay above the crucial support level of $0.000018.
According to expert technical analysis, the PEPE price has started rebounding after finding support at this level.
Based on recent price action, if PEPE holds above the $0.000018 level, there is a strong possibility it could soar by 40% to reach the next resistance level of $0.000026 in the future.
Source: TradingView
On a positive note, PEPE’s Relative Strength Index (RSI) currently stands near the oversold area, indicating that the price is poised to rebound.
Read Pepe’s [PEPE] Price Prediction 2024–2025
When combining these on-chain metrics with technical analysis, the sell-off appears to reflect fear among whales and long-term holders.
At press time, PEPE was trading near $0.0000191 and has experienced a price decline of over 12% in the past 24 hours. During the same period, its trading volume surged by 63%, indicating heightened participation from traders and investors amid the market sell-off.
