NOIDA (CoinChapter.com) — Pepecoin price rocketed 233% MTD in March to reach a daily high close to $0.0000089 on March 11. However, recent whale movements hint at massive selling pressure from PEPE traders.
The recent price surge has pushed PEPE’s price closer to eliminating a zero from its price label while charting a new all-time high on March 9. The rally might raise concerns about PEPE value’s sustainability and its operations’ integrity.
Whales Move Bucketloads Of PEPE To Exchanges
Whale transaction tracking X account, ‘$PEPE Whale Alerts,‘ highlighted several whale transactions over the past 24 hours, which could potentially lead to a massive PEPE dump on the markets.
According to the whale transaction tracker, official Pepecoin-associated wallets moved huge amounts of PEPE tokens to crypto exchange wallets, including MEXC, Binance, and KuCoin.
In one whale transaction, the PEPE wallet withdrew 50 billion PEPE tokens (worth $465,500) from the OKEx crypto exchange before transferring the entire amount to the MEXC wallet 10 minutes later.
Moreover, another Pepecoin whale wallet transferred over 35 billion PEPE tokens to a wallet associated with the crypto exchange Binance.
Furthermore, in another whale transaction, Pepecoin transferred nearly 50 billion tokens to the KuCoin exchange as late as 0730 hours (UTC) on March 11.
The recent whale transfers might remind users of the Pepecoin rugpull in August last year, when reports of significant PEPE token movements by the coin’s developers rattled the cryptocurrency community, including a transfer of tokens worth approximately $16 million to various exchanges.
The official PEPE Coin social media account attributed the activity to “3 ex-team members.”
When traders transfer digital assets to exchanges, it usually denotes a selling mentality among market participants. As such, PEPE currently has over $1.23 million worth of tokens on exchanges, just from the whale transactions.
PEPE Price Consolidates
Meanwhile, the PEPE price remained happily aloof from the recent whale transactions, with bulls trying to push the token above the $0.000009 price level. Breaking and consolidating above this level might help PEPE target the 0.618 Fibonacci resistance near $0.00001.
Moreover, breaking above the immediate resistance could help Pepecoin price reach a new ATH near $0.000013 before paring gains.
However, given the recent Pepecoin whale transactions, it is likely that traders would book profits once the PEPE price breaches the $0.00001 mark. The ensuing sell-off could force Pepecoin to the 0.382 Fibonacci support near $0.00000067.
If the immediate support fails, the PEPE price might drop to the support near $0.0000043.
The relative strength index – a momentum indicator measuring asset price movements to identify overbought or oversold conditions – remained overbought for PEPE, with a score of 81.09 on the daily charts.
