PEPE Whale Offloads 396 bln Tokens, Sell Signal or What?

Story Highlights

• Pepe (PEPE) whale deposited a notable 395.92 billion tokens worth $3.4 million on Binance.

• With this dump, Whale has made a total profit of over $5.06 million.

• The last time, when Whale dumped tokens, PEPE experienced a price drop of over 16%.

Today on August 9, 2024, the on-chain analytic firm Lookonchain made a post on X (previously Twitter) that has gathered widespread attention from the crypto community. In the post, Lookonchain shared that a Pepe (PEPE) whale recently deposited a significant 395.92 billion tokens worth $3.4 million on Binance.

PEPE Whale dumped 396 billion tokens

However, whale dumped this significant amount of tokens during the ongoing market recovery and the recent bullish breakout in PEPE. Despite this dump, this whale has made a total profit of over $5.06 million and generated nearly 200% return on its investment.

Apart from this, PEPE has recently experienced a breakout of the consolidation zone and it is currently retesting that level. However, the last time when PEPE gave a breakout of the consolidation zone it experienced a price surge of 180%, in 37 days. This time there is a similar expectation traders and investors are expecting from PEPE.

In the coming days, if PEPE manages to hold itself above the 200 EMA, there is a high chance it could soar 50% to the $0.0000127 level.

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