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Home»ALTCOIN NEWS»Binance Whale, PEPE Savings Sell: Further Downside Expected?
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Binance Whale, PEPE Savings Sell: Further Downside Expected?

By Crypto FlexsAugust 14, 20244 Mins Read
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Binance Whale, PEPE Savings Sell: Further Downside Expected?
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  • The PEPE token has fallen 52.2% from its all-time high as its market cap has decreased.
  • Major Ethereum Players Raise Over $5 Million from PEPE Sales
  • With some exceptions, most major on-chain signals turn red for PEPE.

Despite its massive 500%+ year-to-date gains, PEPE is facing another setback. For instance, blockchain statistics agency LookOnChain found that one of the largest PEPE coin whales on Ethereum (ETH) has cashed out all of its PEPE holdings in a series of moves.

The major player was first discovered to have withdrawn 795.92 billion PEPE coins on March 1, 2024. In a second attempt, the PEPE whale deposited 400 billion PEPE to Binance on August 1, 2024. This move earned the Binance whale a profit of $5.85 million or a 230% ROI.

Binance Whale Cashes Out on PEPE Pre-Crash

Finally, the whale deposited the remaining 395.92 billion PEPE coins to Binance on August 9, 2024, making a total profit of $5.06 million. The price of PEPE on March 1, 2024 was much lower than it is today, and in the selloff on August 1, PEPE was trading at $0.0000114.

Since then, PEPE has crashed to $0.00000603 on August 5, 2024, which was a brutal day for the general cryptocurrency market, with major market cap altcoins crashing. According to CoinGecko, the double-digit losses could not be surpassed by PEPE, which has seen its market cap halved from an all-time high of $7 billion to today’s $3,451,095,095.

Is PEPE facing a bigger downturn?

Digging deeper into the on-chain metrics, PEPE is all red with net network growth and large transactions dropping off sharply. However, the biggest difference is in the ‘in the money’ metric, which shows 53% of holders are profitable. This is in stark contrast to the 100% profit holders that were there when PEPE hit its all-time high of $0.00001717 on May 27, 2024.

On the other hand, bearish on-chain signals provide a favorable entry point for crypto whales looking to ‘buy the dip’. In a recent case, smart money investor “cookieslandtrust.eth” bought 420 billion PEPE tokens for $3.13 million during the sharp price drop on August 5, 2024. The Ethereum whale has an unrealized profit of $977,000.

A whale named “Cookie Island Trust.S” is attempting to make a purchase. $Pepe I fell again!

The whale spent a total of $3.13 million over the past seven days. $USDT Buy 420B $Pepe It has happened twice, including the massive dump on August 5th and 2 hours ago, and now stands at $170k (+5.4%).

The whale also sent 7.05M. $USDT… pic.twitter.com/QVnbW5AGYz

— Spot on Chain (@spotonchain) August 12, 2024

With most of his portfolio comprised of Ethereum and PEPE, the smart money trader now holds $7.86 million in ETH and $3.35 million in PEPE. This has pushed the Chaikin Money Flow (CMF), a major inflow indicator, above zero, suggesting a reversal in momentum if other whales follow in the footsteps of the investors seen on SpotOnChain.

At the time of writing, PEPE is trading at $0.000008113, down 3.6% in the last hour and 2.2% in the last 24 hours. The meme coin’s Relative Strength Index (RSI) is neutral at 51 on the 1-day chart, and the usual significant PEPE volume is below $1 billion.

On the other side

  • The PEPE token has a maximum circulating supply of 420.6 trillion coins, which is significantly larger than most major market cap mem currencies.
  • PEPE traders in the derivatives market tend to take more short positions than long positions, with the long-to-short ratio being 0.95 on the bearish side.

Why this matters

Tracking the movements of large investors on-chain can provide valuable insight into cryptocurrency market dynamics. Despite its meme coin status, the PEPE token has been one of the best performing altcoins this year.

Read the top cryptocurrency news from DailyCoin:
Bitcoin bull-bear indicator turns positive as it holds $60,000
Cryptocurrency Price Volatility Increases Following Major News: ETH Takes the Biggest Hit

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