The price of Pepe ($PEPE) has declined sharply in the past week and whales are starting to make their way to the surface to cash in on the token’s massive 2024 rally. A whale deposited 427B $PEPE ($8.5M) to #Kraken in the past 30 hours, and currently holds 1T $PEPE ($18.4M), with a profit of $2M. This whale had made $11.7M on $PEPE before. https://t.co/Mlth51bIfi pic.twitter.com/D7nOeccU8Q — Lookonchain (@lookonchain) January 8, 2025 According to data from the blockchain analytics firm Lookonchain, one wallet address holding 1 trillion $PEPE tokens moved $8.5 million worth of this meme coin to the centralized crypto exchange Kraken this week. When big holders make this kind of transaction, they are usually getting ready to dump their assets. Exchanges are typically more liquid than decentralized exchanges (DEXs) , especially for this kind of volume. In late December, this same wallet address took advantage of the December 19 decline that $PEPE experienced to lock in a profit of nearly $12 million. Just days later, this investor started to buy the token again at a much lower price and amassed over 1.42 trillion coins at some point. Based on its past behavior, the fact that so many tokens were moved to Kraken – most probably to be sold – indicates that this whale is anticipating a much bigger drop coming for $PEPE in the following days. PEPE Could Once Again Rise if This Horizontal Support Holds Meme coins as a whole have felt the sting of the latest pullback. In the past 30 days, they have seen their combined market cap shrink from $121 billion to $97.3 billion as of today. The top 5 tokens in this space including Dogecoin ($DOGE), Shiba Inu ($SHIB) , and Bonk ($BONK) have all experienced double-digit drop in the past 30 days. However, $PEPE has faced the most severe correction of all. Including today’s 1.8% decline, this is the third day in a row that the price of $PEPE retreats and the fifth in the past six trading sessions. This drop has pushed the value of this meme coin near an important horizontal support found at $0.00001686. The price range between $0.00001650 and $0.00001700 has served as a floor for $PEPE three times already in the past month and a half. As a result, a descending triangle has been formed that could produce a spike in the value of this asset in the short-term as long as that support area holds. Descending triangles indicate that buyers have been reluctant to pay a high price for the asset but they have showed up once the decline takes the price close to a certain area. In this case, the range cited above. As a result, once that area is touched and confirmed multiple times, it can act as a launching pad to begin a new bullish cycle. The Relative Strength Index (RS) is pointing to a bearish outcome for $PEPE in the short-term as the token’s momentum has faded. Meanwhile, trading volumes were high on January 8 when the price touched this area of support, meaning that buyers scooped up the token and managed to push its closing price above that zone. Moving forward, if the price breaks the descending triangle and surges past the $0.00002200 level, chances are that $PEPE could shake off the latest wave of negative momentum and start rising again to new heights. Only 14 Hours Left to Grab Wall Street Pepe ($WEPE) At This Presale Price The Wall Street Pepe ($PEPE) presale is getting hotter by the day as investors have already poured $44.6 million into this meme coin amid its innovative plan to build a community of well-informed crypto traders who will finally take a stand on whales. Inspired by the success of its predecessors – i.e. the OG $PEPE and Pepe Unchained ($PEPU) – Wall Street Pepe is building an army of $WEPE holders who will benefit not just from the price increases of the token once it is listed but also by receiving trading tips from a team of seasoned professionals who are backing the project. Winning is a vibe and I’ve got it. pic.twitter.com/XbH9kImFGS — Wall Street Pepe (@WEPEToken) January 7, 2025 The current price of $0.00036644 for $WEPE will only be available for the next 14 hours. Once this latest window expires, the price will be raised. Don’t miss the chance to become an early buyer as this meme coin will be making some headlines shortly based on how investors have piled on its presale. Go to the Wall Street Pepe ($WEPE) website to buy this token and become a part of the $WEPE army. Simply connect your wallet and swap ETH or USDT for $WEPE or use a bank card to complete the purchase. The post Whale Dumps 427 Billion PEPE – Is a Bigger Sell-Off Just Around the Corner? appeared first on Cryptonews .
