Two Whales Moved a Notable Amount of PEPE Tokens Onto Major Exchanges Coinbase and Binance, Sparking Sell-Off Speculations

Compared to over 1,170 ETH (roughly $2.12 million) accumulated between May 5 and September 10, 2023, this whale was able to amass an estimated profit

Two whales moved a notable amount of Pepe (PEPE) tokens onto major exchanges Coinbase and Binance, sparking sell-off speculations.

One whale, in particular, deposited 500 billion PEPE tokens, valued at roughly $11.73 million, onto Coinbase. Notably, this movement coincides with PEPE's price surging by 78% on that day, hitting new all-time highs.

According to reports, this whale was able to amass an estimated profit of $43 million with a total of 2.01 trillion PEPE, compared to over 1,170 ETH (roughly $2.12 million) accumulated between May 5 and September 10, 2023.

This marks a 20x gain on their initial investment in PEPE. The investor still maintains 1.48 trillion in PEPE, valued at around $33.2 million.

Meanwhile, another whale also made waves by transferring 526.2 billion PEPE tokens ($10.03 million) to Binance.

The whale reportedly made a profit of around $5.04 million, or 97% gain, within eight days. Notably, this second whale decided to sell on Binance, cashing out slightly before PEPE reached its highs that day, locking in tumultuous profits.

These whale deposits and trades come as PEPE, known for its meme-coin status and recent exchange listings, saw a surge in trading activity.

From May 5 to September 10, 2023, PEPE's trading volume soared by 354.89%, reaching $21.92 billion with a market cap of $8.74 billion.

Technical Analysis: Is PEPE Due for a Correction?

Over the last few days, PEPE has maintained a clear uptrend, trading within an upward channel that can be observed on the meme coin’s 1-hourの時間足チャート.

The technical outlook reveals a strong buying momentum, which is further evident from the recent breakout to the upside. However, increased volatility can be expected due to the whale deposits.

This breakout signaled increasing selling pressure, as indicated by the price moving below the channel.

The PEPE 1-hourの時間足チャート also shows the Volume Oscillator, which showcases high levels of activity in terms of increased spikes in volume and quick changes.

This volatility indicator reveals that while PEPE has had some strong buying interest, the volume and trading pace could eventually be enough to flip the trade if a decent number of holders decide to take profits.

Moreover, the PEPE 1-hourの時間足チャート also showcases the token's high trading activity with a trading volume ratio of 250.01%, which is a characteristic of speculative markets.

This level of trading activity brings both attention and liquidity to the token while also creating conditions for sudden sharp price swings.

As whales continue injecting more PEPE tokens onto the exchanges, speculating that retail investors will decide to exit and lock their gains when they see this might increase the likelihood that the price will correct.