Crypto Whale Withdraws 500 Billion PEPE Tokens Worth $4.3M from Binance

A crypto whale recently withdrew 500 billion PEPE tokens, worth over $4.3 million, from Binance.

A crypto whale has just sold 500 billion PEPE tokens for over $4.3 million and pulled out of Binance. The on-chain data from Lookonchain shows that the whale created a new wallet specially for this transaction.

This move comes after a period of strategic accumulation, suggesting that the whale might be exiting their position to pursue new investment opportunities.

The transaction comes as PEPE experiences volatile movements. In the past week, the frog-themed meme coin witnessed a 14% increase. However, despite this rally, PEPE has dipped by 6% in the past 24 hours and is currently trading around $0.0000085.

Popular crypto analyst Jake Gagain shared on X that PEPE’s bottom is now over, calling its recent market slump a temporary blip. According to Gagain, the coin’s resilience following its five-month low hints at a potential parabolic run ahead.

Technical analyst Charting Guy, meanwhile, suggested that PEPE is aiming for the 2.618 Fibonacci extension, which could push the token toward the $0.00012 mark. If realized, this would represent a 1,400% gain from its current price level.

On PEPE’s daily price chart, the price is approaching the upper Bollinger Band, indicating strong buying pressure. If PEPE manages to break above this range, it could set the stage for a bullish breakout.

However, if the price gets rejected at this level, it might trigger a short-term correction toward the middle band support.

Moreover, the Relative Strength Index (RSI) currently stands at 56.78, indicating that PEPE still has room for further upside. However, if the RSI experiences a sudden spike, traders might anticipate temporary profit-taking, which could slow down the rally.