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Lookonchain, the on-chain tracking platform, revealed in an X post today that a whale spent more than $1 million to purchase a substantial amount of Pepe (PEPE). According to the post, this whale spent 617 Ethereum (ETH), worth $1.11 million, to purchase 996 billion PEPE over the past 2 days.
A whale spent 617 $ETH($1.11M) in the past 2 days to buy 996B $PEPE.
— Lookonchain (@lookonchain) November 3, 2023
This whale has also traded 2 tokens this year.
Lost 456 $ETH ($1.3M) on $ARB and made 269 $ETH ($423K) on $MKR.https://t.co/H1UddPZlGe pic.twitter.com/oZgDZYScSH
The post also revealed two large trades executed by the same whale prior to this PEPE purchase. On-chain data reveals that the whale seemingly lost 465 ETH, valued at $1.3 million, on Arbitrum (ARB). The whale was, however, able to recover some of the losses with a Maker (MKR) trade that resulted in a $423K profit.
This whale’s purchase took place after the meme coin suffered a substantial 24-hour loss. According to data from CoinMarketCap, PEPE’s value dropped more than 7% throughout the past day of trading. This sharp drop meant that the cryptocurrency was changing hands at $0.000001065 at press time.
PEPE was resting on the key $0.0000010290 support level and may be at risk of dropping below this mark in the next 24-48 hours. Should PEPE breach this price point, it will be at risk of declining to as low as $0.0000008495 in the following days.
Technical indicators suggested that PEPE’s price may drop. Specifically, the daily Relative Strength Index (RSI) and the daily Moving Average Convergence Divergence (MACD) indicators support a short-term bearish thesis.
The RSI line crossed below the RSI SMA line over the past few days, which suggests that buyers have lost their strength against sellers on PEPE’s daily chart. In addition to this, the MACD line was looking to cross below the MACD Signal line, which may suggest a potential continuation of PEPE’s bearish trend.
If PEPE is able to maintain a position above $0.0000010290 for the next 48 hours, then the bearish thesis may be invalidated. This could then lead to the altcoin’s price attempting to overcome the $0.0000011570 barrier before possibly rising to as high as $0.0000012840.
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