- A PEPE whale has transferred massive quantities of PEPE to another wallet.
- The whale wallet still holds over $2.2 million in PEPE tokens.
- Analyst “Mark” on X highlighted that whales are accumulating PEPE at an alarming pace.
In the past eight to nine hours, a Pepe (PEPE) meme coin whale has been transferring large amounts of PEPE tokens from one wallet to another, suggesting that the wallet owner expects a major surge in the price of the digital asset soon.
Data from EtherScan indicates the whale has initiated several major transactions in the past 8-9 hours, transferring PEPE tokens from wallet “0xB9…bce3d” to “0x23…3507c” suggesting increased bullish sentiment from the whale.
The whale sent 98 million PEPE ($3,363) across four separate transactions to the other wallet while receiving 249.97 billion PEPE tokens ($2.27 million) from Binance over nine days ago.
Whale Accumulates as Retail Sells, Analyst Points to Volatility Spike
Based on the current PEPE price of $0.00000908, down almost 5% in the past day as per CoinMarketCap data, the whale still holds $2.2 million in PEPE. While the meme token is down 67.92% from its all-time high seen over two months ago, the digital asset has gained 660.49% in the past year.
According to a post by market analyst “Mark” on X (formerly Twitter), the black line on the chart below shows that the altcoin is increasingly accumulated by whales while retail investors are selling the meme token out of fear and uncertainty in the market.
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Another analyst highlighted the “Bollinger Bands tightening with the Bollinger Bandwidth at its lowest level in history,” predicting increased volatility in the near future.
PEPE Price Momentum: Bears in Charge, But Oversold Territory Looms
PEPE Price Analysis
PEPE daily chart below shows that the Relative Strength Index reads a value of 37.33 which suggests that the bears are currently in control of the meme token’s price action.
The gradient of the RSI line suggests that PEPE could soon enter the oversold region, presenting a good entry point for investors.
At the same time, the MACD indicator is slightly bullish with the MACD line (blue) being above the signal line (orange).
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However, the intensity of the MACD histogram is declining, suggesting that lower prices are likely in the near future.
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