Price Analysis View Non-AMP

PEPE Whale Sell 150B Tokens, 20% Price Crash Ahead?

Published by
Chandan Gupta

During the ongoing bearish market sentiment, Pepe (PEPE), the world’s third-largest meme coin, has lost its key support and is poised for a massive price drop. Meanwhile, on March 29, 2024, blockchain-based on-chain analytics firm Lookonchain posted on X (formerly Twitter) that an OG PEPE holder—an early investor in the meme coin—has dumped billions of tokens, raising concerns about a significant price decline.

Crypto Whale Dumps 150 Billion PEPE

In a post on X, Lookonchain noted that amid this market decline, a whale sold 150 billion PEPE tokens worth $1.14 million on the Binance cryptocurrency exchange.

The post further mentioned that, so far, this whale has sold 1.02 trillion PEPE meme coins for $6.66 million, making a total profit of $10.3 million, equivalent to 4,718x.

This OG investor spent only $2,184 to buy 1.5 trillion PEPE tokens during the early stages. However, due to bearish market sentiment and a continuous price decline, the whale has begun selling its massive holdings.

Current Price Momentum

With all this, PEPE is currently trading near $0.0000073 and has registered a price decline of over 5.50% in the past 24 hours. Meanwhile, during the same period, its trading volume dropped by 25%, indicating lower participation from traders and investors compared to the previous day.

PEPE Technical Analysis and Upcoming Level

According to expert technical analysis, PEPE appears bearish after a massive price decline. The meme coin’s four-hour chart reveals that PEPE has been moving in an ascending channel pattern, but with the recent price drop, it has breached the lower boundary of the channel and closed a daily candle below that level.

Source: Trading View

Based on recent price action and historical patterns, if the meme coin remains below the $0.0000075 level, there is a strong possibility it could decline by 20% to reach the $0.00000585 level in the future.

Chandan Gupta

Chandan Gupta is a crypto analyst and news writer at CoinPedia. He specializes in market analysis using on-chain metrics and industry insights to forecast market trends. With over four years of trading experience, Chandan simplifies complex concepts in technical and on-chain analysis, making them easy to understand. At CoinPedia, he leverages his expertise to identify and present emerging opportunities in the cryptocurrency space

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