Pepe Coin’s Recent Surge and Market Moves Amid $21M Whale Transactions

Pepe Coin is currently worth $0.000008, and its value has dropped by 6.52% in the last day, with a total trading volume of $592,502,001. This decrease brings its market cap down to $3.32 billion. Nevertheless, the value of Pepe Coin has increased by 26.62% over the past week. Presently, there are 420.69 trillion Pepe coins in circulation, with a maximum supply capped at 420.69 trillion.

Moreover, recent data unveils significant Pepe transactions worth approximately $21 million, involving large volumes of the coin. The initial transaction involved the transfer of 1,238,332,920,144 Pepe coins, valued at about $10.5 million at that time, from an unidentified wallet to the well-known cryptocurrency exchange Binance. Such movements to exchanges are often seen as a sign of potential selling pressure.

Shortly after, a second transaction occurred, in which an equivalent amount of 1,241,850,000,000 Pepe coins flowed out from Binance to an undisclosed wallet. This outflow is generally viewed as a positive indicator, indicating that investors are opting to transfer their assets to personal wallets for long-term holding.

Furthermore, technical indicators like the Relative Strength Index (RSI) on the 4-hour price chart are at 40.77, indicating a potential buying opportunity as the market approaches oversold territory. However, the Moving Average Convergence Divergence (MACD) reading of -0.00000003 suggests a bearish trend, so traders should exercise care. The price chart shows a negative trend that began around 0.0000008433 and will conclude around 0.0000007884.

Source: TradingView

Nonetheless, there exists a resistance threshold around 0.00000085 and a potential support level approximately at 0.00000078. The market cap has experienced a 6.46% decline, while the trading volume has plunged by 32.73%, suggesting a growing bearish sentiment among traders.