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$PEPE whale dumped over 330 billion tokens worth $2.53 million to the Kraken and booked a loss of over $3.13 million.
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$PEPE’s open interest has increased by 6% indicating growing interest from traders.
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$PEPE could fall to the $0.000006 level if it closes a daily candle below the $0.00000672 level.
Pepe ($PEPE) the popular and third-biggest meme coin is gaining notable attention from traders and investors due to the ongoing dumps by whales. On August 30, 2024, the $PEPE whale once again dumped over 330 billion tokens worth $2.53 million to the Kraken cryptocurrency exchange and booked a loss of over $3.13 million, as reported by Lookonchain.
$PEPE Whale Bearish Outlook
Despite this dump, the whale still holds a significant 1 trillion $PEPE tokens worth $7.57 million in its wallet. However, this whale purchased over 828.64 billion $PEPE tokens worth $6.18 million on August 18, 2024.
Based on the historical price momentum, there is a high possibility that $PEPE could see a significant price surge of 22% to the $0.00000938 level. Meanwhile, if $PEPE fails to hold the support level and closes a daily candle below the $0.00000672 level, there is a high chance it could fall to the $0.000006 level, in the coming days.
Rising Open Interest and On-Chain Metrics
Coinglass’s $PEPE OI-weighted funding rate indicates that short sellers are dominating the asset and have the potential to liquidate millions worth of long positions. According to the data, $PEPE’s OI-weighted funding rate stands at -0.0030%, which is a bearish sign and suggests the token may see a price decline in the coming days.
At press time, $PEPE is trading near the $0.0000076 level and has experienced a modest price decline of 0.6% in the last 24 hours. Meanwhile, its open interest has increased by 6% during the same period, indicating growing interest from traders and investors amid selling pressure.