A whale sends $10.5 million worth of PEPE to Binance. Will the price go down?

A crypto whale, with wallet address 0x1a2, deposited a staggering 1.238 trillion Pepe Coins (PEPE) on Binance.

This large transaction involved an intermediary wallet, 0xDe8, indicating a meticulously planned move that took place over a matter of days.

How Crypto Whale trades PEPE coin

Activity began on May 4-5 when the crypto whale began a large-scale accumulation of PEPE tokens. They first withdrew 915.85 billion PEPE coins from Binance, worth around $7.75 million.

These tokens were purchased at a price of $0.00000846 each. Over the next 28 hours, the pace intensified. The crypto whale acquired an additional 1.238 trillion PEPE tokens, culminating in a total investment of $10.4 million.

This sequence of transferring funds from a central exchange to a personal wallet and then back to Binance suggests a game of strategy. Crypto whaling aims to take advantage of potential market fluctuations to make profits.

If the crypto whale chose to sell at the current price of $0.00000841 per token, it would make a modest profit of around $134,000. This represents a gain of 1.28% after holding the tokens for just three days.

Unlike the latter bet, the history of crypto whale trading shows mixed results.

“Previously, a whale gained $146,000 (+14.2%) from an injection (INJ) trade, but lost $118,000 (-8.01%) from an (INJ) transaction.RNDR). Pisces didn't keep both symbols for long either. » She says Spot On Chain analytics platform.

Despite the strong liquidation, this is still a market trend PEEP coin To the top. The meme coin is currently trading in a bull flag pattern. This technical formation is characterized by a sharp rise in prices followed by a period of consolidation.

These trends often indicate continued bullish momentum. If Pepe manages to break out of this formation, his price could increase by 40%, reaching $0.00001186. Conservatively, it could rise up to 28% from its previous all-time high of $0.00001081.

Learn more: Pepe (PEPE) Price Forecast for 2024, 2025, 2026, 2027

However, there are doubts. If the breakout attempt fails, Pepe could find a support level at $0.00000808. This support can prevent further price declines.

Investors should monitor these developments closely. The actions of these crypto whales could set the tone for broader market dynamics.

"Investors should closely monitor large transactions, especially the movements of large existing holders. If the structure of chip holdings changes significantly over a longer period of time, such as a month, it is not just a matter of "short-term market volatility," said marketing manager Diane Day. director of the decentralized trading platform - DODO, for BeInCrypto.