Altcoin
Pepe Coin Whale Dumps 1 Tln Coins To Binance, Price Risks Further Dip?
Pepe coin has sparked severe investor concerns in the shadow of the crypto market’s bearish trajectory today, June 18. Showing signs of a correction in the past 24 hours, the frog-themed meme coin has garnered bearish market sentiments, further amplified by a whale’s colossal selloff. Notably, over 1 trillion PEPE was dumped to Binance, per on-chain data surfacing across the market. This has stirred a whirlpool of speculations on Pepe coin’s future price trajectory.
Whale Offloads 1.15 Tln Coins Raising Investor Concerns
According to data streamlined by Whale Alert, 1.15 trillion PEPE, worth $12.34 million, was dumped to Binance by an unknown address, 0x835678a6. This massive transaction brings considerable selling pressure to the asset. Also, a sense of reduced market confidence in the asset’s future potential is highlighted by the colossal selloff.
However, despite the massive dump, the whale in question held a substantial amount of PEPE, along with other tokens. According to Etherescan’s data, the whale’s holdings included 6.77 trillion PEPE, valued at $71.86 million, and 2.19 trillion SHIB, worth $39.51 million. The remaining holdings encompass a variety of tokens, such as LINK, MATIC, RNDR, OM, and more.
Meanwhile, the PEPE price plummeted, falling in line with usual market sentiments with such dumps.
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PEPE Price Dips
As mentioned above, PEPE’s price showed signs of a correction, dipping 9.21% in the past 24 hours to $0.00001055. The token’s daily bottoms and peaks are $0.000009865 and $0.00001176, respectively.
Coinglass data shows Pepe coin experienced substantial liquidations from yesterday to date, totaling $6.78 million collectively. This is also attributable to PEPE’s recent price correction.
PEPE’s Futures OI dropped 14.52% to $109.67 million, underscoring declining investor interest in the futures market. However, the derivatives volume spiked by 79.19% to $1.96 billion, possibly due to speculative trading.
The RSI hovered at 38, underlining downside pressure on the asset. Further downside pressure could bring the coin into an oversold territory, readying it for a potential price rebound ahead. Also, a potential crypto market recovery could fuel a bolstered price movement shortly ahead.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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