Popular Memecoin Pepe fell approx. 1%when a larger token holder sent 500 billion tokens worth about $ 4.8 million to Binance and added sales pressure to token.
The move comes in the middle of a 40-day downward trend that cost the trader approx. $ 450,000. Tokens is often transferred to accounts on exchanges in preparation for an impending sale. Token traded recently to $ 0.00000992, according to market data jumping from previously low close to $ 0.00000938. Prices swung within a 6% range before recovering against resistance at $ 0.00000983.
According to blockchain data, the whale still holds onto 1.5 trillion pepe -tookens worth more than $ 14 million.
More than 3.26 trillion Pepe -Token’s changed hands during the session, with the strongest volumes registered in the recovery phase, according to Coindesk Research’s technical analysis data model.
After dipping for the low, pepe of the session, roped sharply when buyers entered support levels. This wave lifted the price close to an intraday top.
The market responded to the transfer with renewable buying interest, a sign of confidence or opportunistic accumulation. Still, bearish pressure has not disappeared. The resistance remains fixed just under $ 0.00001 and the price action continues to test the support levels.
Nansen Data supports the case for possibility accumulation as it shows that Pepe Whales on Ethereum added 1.46% to their inventory in the last 30 days.
Pepe is better than the wider Memecoin market. As measured by Coindesk Memecoin Index (CDME), the sector lost almost 3% of its value over the last 24 hours, more than Pepe’s nearly 1% decrease.
