Whale Moves 427 Billion PEPE to Kraken: Is a Major Sell-Off Imminent?

The value of Pepe ($PEPE) has declined sharply in the past week, prompting whales to move tokens to exchanges to capitalize on the token’s significant rally in 2024.

A whale deposited 427B $PEPE ($8.5M) to #Kraken in the past 30 hours and currently holds 1T $PEPE ($18.4M), with a profit of $2M.
This whale had made $11.7M on $PEPE previously. https://t.co/Mlth51bIfi pic.twitter.com/D7nOeccU8Q

— Lookonchain (@lookonchain) January 8, 2025

According to data from blockchain analytics firm Lookonchain, a wallet address holding 1 trillion $PEPE tokens transferred $8.5 million worth of the meme coin to the centralized cryptocurrency exchange Kraken this week.

When large holders execute this type of transaction, they are often preparing to dump their assets. Exchanges typically offer greater liquidity than decentralized exchanges (DEXs), especially for transactions of this magnitude.

In late December, this same wallet address capitalized on the December 19 decline experienced by $PEPE, locking in a profit of nearly $12 million. Just days later, the investor began buying the token again at a much lower price, accumulating over 1.42 trillion coins at one point.

Based on its previous behavior, the fact that such a large volume of tokens was moved to Kraken—likely to be sold—suggests that this whale anticipates a significantly larger drop for $PEPE in the coming days.

PEPE Could Rise Again if This Horizontal Support Holds

Meme coins as a whole have felt the impact of the latest pullback. Over the past 30 days, their combined market cap has shrunk from $121 billion to $97.3 billion as of today.

The top five tokens in this sector, including Dogecoin ($DOGE), Shiba Inu ($SHIB), and Bonk ($BONK), have all experienced double-digit declines over the past 30 days. However, $PEPE has faced the most severe correction of all.

Along with today’s 1.8% decline, this marks the third consecutive day of retreat for $PEPE and the fifth instance in the past six trading sessions. This drop has pushed the value of the meme coin close to a critical horizontal support level found at $0.00001686.

The price range between $0.00001650 and $0.00001700 has served as a floor for $PEPE three times already in the past month and a half. Consequently, a descending triangle pattern has formed, which could produce a spike in the asset’s value in the short term, provided that support level holds.

Descending triangles indicate that buyers have been reluctant to pay high prices for the asset but have appeared once the decline brings the value near a specific area, in this case, the range cited above.

Therefore, once that area is touched and confirmed multiple times, it could act as a launching pad to initiate a new bullish cycle.

The Relative Strength Index (RSI) points to a bearish outcome for $PEPE in the short term, as the token’s momentum has faded. Meanwhile, trading volumes were high on January 8 when the price touched this support zone, meaning buyers scooped up the token and managed to push its closing price above that level.

Looking ahead, if the price breaks the descending triangle and surges past the $0.00002200 level, it is likely that $PEPE could shake off the latest wave of negative momentum and begin rising again to new heights.

Only 14 Hours Left to Grab Wall Street Pepe ($WEPE) at This Presale Price

The Wall Street Pepe ($WEPE) presale is heating up daily, as investors have already poured $44.6 million into this meme coin amid its innovative plan to build a community of informed crypto traders who will finally take a stand against whales.

Inspired by the success of its predecessors—namely the OG $PEPE and Pepe Unchained ($PEPU)—Wall Street Pepe is building an army of $WEPE holders who will benefit not only from the token’s price increases once listed but also by receiving trading advice from a community of seasoned professionals backing the project.

Profitable is a vibe and I’ve got it. pic.twitter.com/XbH9kImFGS

— Wall Street Pepe (@WEPEToken) January 7, 2025

The current price of $0.00036644 for $WEPE will be available for the next 14 hours. Once this latest window expires, the price will increase. Do not miss the opportunity to become an early buyer, as this meme coin is set to make headlines soon based on how investors have piled into its presale.

Visit the Wall Street Pepe ($WEPE) website to purchase this token and join the $WEPE army. Simply connect your wallet and swap ETH or USDT for $WEPE, or use a bank card to complete the acquisition.

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