Key Insights:
- Whale qianbaidu.eth deposited 595.19B PEPE to Binance after booking $760K in gains.
- PEPE’s price steadies near $0.00001 after a 20% decline since late May.
- Whale inflows hit 1.92T PEPE, surpassing outflows, indicating potential sell-side pressure.
A new round of whale transactions has brought up fears about PEPE coin price prediction, with large holders transferring tokens to exchanges. Recent on-chain activity has included a large deposit to a high-profile wallet. It was combined with an upward interest in inflows to centralized exchanges as prices fell.
Whale Moves 595.19B Pepe to Binance, PEPE Coin Price at Risk
Notably, Ethereum wallet “qianbaidu.eth” transferred 595.19 billion PEPE tokens, worth approximately $6.53 million, to Binance on June 16. This came after a previous withdrawal of 695.19 billion PEPE from the same exchange, initially valued at $5.77 million. Based on these figures, the whale realized around $760K in gains through this series of transactions.
According to the blockchain tracking platform, On-chain Lens, a few large-volume transactions have been carried out with this wallet in the last three months. In one of the previous transfers, 100 billion PEPE was transferred to another related address worth approximately 899,000$.
Consequently, the timing and size of the recent deposit suggest the whale may be preparing to exit a portion of their position. This pattern has sparked speculation among observers about potential future activity. Particularly, if more whales follow suit by transferring tokens to exchanges.
The wallet in question has a transaction history indicating calculated accumulation and distribution cycles.
PEPE Coin Price Prolonged Market Correction
As of June 17, PEPE coin price was trading near the $0.0000108 level, recovering modestly after falling over 20% since May 23. The price hit a peak of around $0.0000154 per coin last week of May. However, it has been under pressure as the broader market movements have seen most tokens being shifted to exchanges.
In addition, the existing support range is around the $0.00001 level, with that area bearing support over the last few sessions despite varying trading volumes. Although the short-term price movement is stable, market sentiment is still cautious, with decreasing momentum and the number of whale-led transfers.
On the technical indicators, the Moving Average Convergence Divergence (MACD) indicator for PEPE Coin price was bearish, with the MACD line below the signal line. Additionally, and histogram is trending negative.
Furthermore, the increasing distance and negative trend indicate declining bullish power. Further divergence between the lines indicates the downside risks remain intact until volume and price bounce above support.
Moreover, the Bull Bear Power (BBP) of PEPE coin price was also negative, meaning that bears dominated. There was no upward momentum on the BBP histogram, that was growing red bars and little bullish activity.
Whale Inflows Surpass Outflows
More so, according to IntoTheBlock, PEPE whale inflows in total exceeded exchange outflows this week, with a total of about 1.92 trillion tokens. Such a net inflows trend normally precedes a high selling activity as big holders move assets normally stored in cold tokens into exchanges.
Meanwhile, PEPE Coin derivatives volume surged 38.43% to $2.60 billion, while open interest declined 3.47% to $485.62 million, indicating a cooling in leveraged positions. The 24-hour long/short ratio stands at 0.9365, with OKX showing a much higher long bias at 2.71. Binance top traders remain relatively balanced between long and short accounts and positions.
Overall liquidations in the last 24 hours amounted to 2.93 million. Notably, longs held the largest portion of 2.44 million, and shorts held 486.27K.
Besides, the liquidations were predominantly on longs to the tune of 1.23 million, taking place mostly within the past 12 hours. This direction is indicative of a more volatile environment, as
PEPE coin price fluctuations drive out over-leveraged traders, and funding issues squeeze across key exchanges.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
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