"PEPE’s Price Plummets as Major Whale Dumps Over Trillion Tokens"

A significant event in the cryptocurrency world has led to a dramatic drop in the price of PEPE ($PEPE). Here’s what happened and what it means for the future of this digital asset.

Pepe ($PEPE) Price Prediction: Whale Dump Triggers Drop

A major early investor in Pepe ($PEPE) offloaded over a trillion tokens, leading to a steep drop in price. The sell-off triggered wider crypto market weakness and reflected declining trader confidence in PEPE. Blockchain analytics platform Lookonchain reported that the investor sold 150 billion PEPE tokens on Binance on March 29, 2024, worth approximately $1.14 million, and has now liquidated a total of 1.02 trillion tokens, resulting in $6.66 million in sales. The investor made a profit of $10.3 million, marking a return of 4,718x. MACD and RSI indicators confirm strong bearish momentum for PEPE price.

PEPE’s Weekly Gains Signals Bullish Potential

Investors are optimistic as Pepe’s (PEPE) weekly gains signal a bullish potential for the top meme coin to surge. Hoping it maintains its current momentum, investors look forward to a potential 40% rally next week. One of the biggest meme coins by market cap, Pepe (PEPE), has been in the profit zone based on the closing price in the last two weeks. With this, investors are positive about a price surge of about 40% next week.

Whales Sell Over 1T PEPE, Price Drops 50% in 5 Days

Whales sold over 1T PEPE tokens causing the price to drop by 50% in five days. PEPE rejected off the $0.00000891 level, increasing the potential for further downside. A whale lost $434K on a $3.03M sale, while another trader lost $3.23M. PEPE had been in an uptrend for two weeks before dropping from $0.00000927. It retraced to the 0.50 Fibonacci support level at $0.00000698 but failed to find support. The price could test the breakout level again and may experience further drops if the 0.50 Fibonacci support fails.