Pepe Coin's price rose 4% today, reaching $0.00001247. It's kind of suspicious as the wider crypto market remained stagnant. Especially, if you take into account that a mysterious whale just transferred 1 trillion PEPE to Binance.
PEPE gained 7% over the week but fell 5% in two weeks and 25% in a month. Despite recent losses, the Ethereum-based meme coin retains a 700% annual gain.
So now, a whale transferred 1 trillion PEPE to Binance recently. This move could impact short-term price action. Interestingly though, PEPE's value dipped 1.5% in the past hour. But technical indicators suggest a potential decline before another rally.
The relative strength index fell from nearly 80 to 50. However, PEPE's 30-day average surpassed its 200-day average, indicating a growth phase.
But what's even more impressing is the trading volume, it exceeded $1 billion, up from $350 million days ago.
Another whale sent 700 billion PEPE ($7.8 million) to Binance yesterday. These transfers suggest whales may be in sell mode. Short-term price pressure is likely. The medium and long-term outlook remains positive.
Market factors support an upward trajectory. PEPE is built on Ethereum blockchain, and there is a significant event coming there - traders anticipate Ethereum ETF launches in coming weeks. The Federal Reserve and Bank of England are expected to cut interest rates this fall. These factors could boost demand.
It is also worth mentioning that PEPE remains popular among whale traders. Diversification with other high-potential meme tokens may be prudent.
Pepe Unchained (PEPU), a new layer-two project, shows promise. Its presale raised $800,000 in less than a week. PEPU aims to offer more utility than typical meme coins.
The Ethereum-based token promises instant transactions and low fees. It plans to offer higher staking rewards.
If you're wondering whether Pepe has a growing community, here is the answer. Pepe now has nearly 2,000 Telegram subscribers. Its tokenomics include a capped supply of 8 billion PEPU. The allocation is: 20% presale, 30% staking, 20% marketing, 10% liquidity, 10% project finance, and 10% chain inventory.