The blockchain monitoring organization Lookonchain stated in a tweet earlier today that over the course of the previous 24 hours, a whale withdrew more than $1.5 trillion Pepe (PEPE) from Binance. According to the post, the whale withdrew 1.93 trillion PEPE, or around $3.03 million, from the primary cryptocurrency market.
According to Lookonchain, this whale apparently purchased 9,883 Binance Coins (BNB) at a loss of about $342K and 97,735 Chainlinks (LINK), estimated to be worth $592K, in order to enter into positions in PEPE and Ethereum (ETH). According to the agency, the whale purchased 1.93 trillion PEPE in addition to 227 ETH using the proceeds from the LINK and BNB positions.
At the time of publication, PEPE was at the top of CoinMarketCap’s trending record. In addition, the meme currency was trading at $0.000001537 after losing 1.22% of its value in the previous day. The cryptocurrency was nonetheless able to record a strong 42.46% weekly gain. This significant weekly gain had turned the altcoin’s monthly performance from green to +6.76%.
Additionally, over the past 24 hours, PEPE has lost ground to the two market leaders Bitcoin (BTC) and ETH. As a result, at the time of press, the meme coin was down 1.50% in relation to BTC and 0.98% in relation to ETH.
At the time of publication, PEPE was trading above both the 9-day and 20-day EMA traces. An indication that PEPE was in a short-term bullish cycle and that its value would increase over the next 24-48 hours was the 9-day EMA line’s placement above the longer EMA line. In the event that this bullish thesis is proven correct, PEPE may attempt to convert the $0.0000017648 resistance level into support.
The road was attempting to cross bearishly under the daily RSI SMA line, so buyers and sellers will need to control the RSI line on PEPE’s daily chart. Should this cross-take place, PEPE’s value might retest the critical support level around $0.0000013662 in the next days.
ETH was trading at $1,862.40 in the meantime after printing a loss of 0.23% over the previous 24 hours. Due to this negative price movement, ETH was down 0.56% in relation to BTC at the time of publication and was trading closer to its 24-hour low of $1,856.64 than its daily high of $1,911.31.