Whale Offloads 10 Billion PEPE: Price Forecast as PEPE Declines by 8%

PEPE has decreased by 8% today, falling to $0.00001058 following a whale’s sale of 10 billion PEPE, which triggered a selloff.

The Ethereum-based meme token is currently down 16% over the week and 30% over the month, although it retains a substantial 511% increase over the past year.

While its recent losses may be disheartening, they position the coin favorably for a potential recovery.

Moreover, since the same whale still possesses 1.99 trillion PEPE, there remains an anticipation of further gains in the near future.

Whale Offloads 10 Billion PEPE: Price Forecast as PEPE Drops 7%

PEPE has experienced a significant decline today; however, the positive aspect is that it has reached an oversold condition, which typically suggests an impending recovery.

This is particularly noticeable with its relative strength index (purple), which has fallen below 25 today as holders rush to sell.

Source: TradingView

Also decreasing is the coin’s 30-day moving average (orange), which is continuing to drop below the 200-day (blue), indicating a need for recovery.

It will be intriguing to observe whether the coin’s support level (green) can avert a decline below $0.0000105, especially as it has already dropped by 2% in the last hour.

If it can stave off further losses, a quick rebound may occur.

As mentioned earlier, whales appear more inclined to sell PEPE rather than purchase it at this time, with the recent offloading of 10 billion PEPE by long-term holder dimethyltryptamine.eth potentially signaling a negative trend.

After more than 10 months of inactivity with $PEPE, dimethyltryptamine.eth returned to sell 10B $PEPE ($112K) for 32.73 $ETH approximately 5 hours ago.

Notably, dimethyltryptamine.eth was an early $PEPE investor who transformed $45K into $26.7M (+58.6K%).

Currently, the whale retains 1.99T $PEPE ($21.9M).… pic.twitter.com/dlTwu3Q4u9

— Spot On Chain (@spotonchain) July 3, 2024

Conversely, the tweet also highlights that the same whale still possesses around $21.9 million in the meme token.

It is unlikely they will liquidate their entire holding at once, as this would negatively impact the coin’s price and, consequently, their potential profits.

Additionally, it is noteworthy that PEPE has achieved recent highs more frequently than many other altcoins and meme tokens, having reached a new ATH of $0.00001717 as recently as May 27.

This indicates it has solid medium- and long-term momentum, potentially sufficient for a strong recovery in the coming days.

It may also receive a boost alongside the broader market soon, particularly with the anticipated launch of the first Ethereum ETFs in the US.

A realistic target for the coin is $0.000012 in the upcoming weeks, followed by $0.000015 by the end of August.

New High-Potential Alternatives

As PEPE navigates a minor downturn, it may be prudent for some traders to consider alternative options.

This approach aims not only to avoid potential losses but also to take advantage of several newer coins that are indicating signs of a significant rally in the near future.

An excellent example of this is the new layer-two project Pepe Unchained (PEPU), which has impressively raised $2 million in its ongoing presale.

$2M raised in record time!

Pepe’s blockchain is thriving. Thank you for the tremendous support! Prepare for even more exciting developments pic.twitter.com/yQcveiQO1X

— Pepe Unchained (@pepe_unchained) July 2, 2024

Pepe Unchained is attracting investors due to its robust fundamentals, with its L2 platform providing instant transactions and extremely low fees.

This positions it as a competitor to existing Ethereum-based layer-two networks such as Base, Optimism, and Polygon.

With enhanced scalability and efficiency, it will also be able to offer holders double the staking rewards compared to what would be available as a standard Ethereum-based token.

This creates a stronger incentive for investors to hold the token over the long term, with the coin having a capped supply of 8 billion PEPU.

Of this, 30% has been reserved for staking, with 20% allocated to the presale, 20% for marketing, 10% for liquidity, 10% for its team, and 10% for chain inventory.

Additionally, the coin’s community is gradually expanding, with its X account now boasting 4,000 followers and its Telegram channel having 2,600 subscribers.

This is an encouraging early indicator of its potential popularity, which is crucial for its long-term viability.

Investors can participate in its presale by visiting the coin’s official website, where they can purchase PEPU using ETH, BNB, USDT, or fiat currency.

Given the popularity of its presale thus far, it may experience a vigorous rally once it is listed in the coming weeks.

Buy PEPU Now

The post Whale Sells 10 Billion PEPE: Price Prediction as PEPE Plummets 8% appeared first on Cryptonews.