- PEPE Token slides 52.2% from an all-time high as market cap slims.
- A major player on Ethereum makes over $5 million from PEPE sales.
- Most key on-chain signals turn red for PEPE, with some exceptions.
Despite a tremendous run of over 500% in yearly terms, PEPE is facing another setback. For instance, the blockchain statistics agency LookOnChain noticed one of the largest PEPE Coin whales on Ethereum (ETH) to have cashed out all PEPE holdings in several moves.
The major player was first spotted withdrawing 795.92 billion PEPE coins on March 1, 2024. At their second attempt, the PEPE whale deposited 400 billion PEPE to Binance on August 1, 2024. With this move, the Binance whale banked a $5.85 million profit or 230% ROI.
Binance Whale Cashes Out PEPE Pre-Crash
Finally, the whale deposited the remaining 395.92 billion PEPE coins to Binance on August 9, 2024, yielding a total revenue of $5.06 million. PEPE’s price on March 1, 2024, was far less than today, while the August 1 sale had PEPE trading at $0.0000114.
Since then, PEPE crashed to $0.00000603 on August 5, 2024, a brutal day for the general crypto markets, with major-cap altcoins taking the plunge. The double-digit deficit couldn’t drive past PEPE, which saw a market cap cut in half from $7B on an all-time high to $3,451,095,095 today, according to CoinGecko.
PEPE on the Brink of Bigger Dip?
Digging deeper into the on-chain metrics, PEPE flashes all-red, with net network growth and large transactions dropping rapidly. However, the biggest difference underlies the ‘in the money’ metric, pointing to 53% profitable holders. This greatly contrasts the 100% holders at a profit during PEPE’s all-time high on May 27, 2024, at $0.00001717.
On the other hand, the bearish on-chain signals serve a favorable entry point for crypto whales trying to ‘buy the dip’. On the latest occasion, smart money investor “cookislandstrust.eth” bought 420 billion PEPE tokens for $3.13 million during the drastic price drop on August 5, 2024. The Ethereum whale has $977K in unrealized profits.
With most of their portfolio containing Ethereum and Pepe, the smart money trader now has $7.86M of Ether and $3.35M worth of PEPE. This has boosted the large money inflow metric, Chaikin Money Flow (CMF), above 0, hinting at a momentum switch if other whales follow in the footsteps of investor moves seen on SpotOnChain.
As of press time, PEPE is exchanging hands at $0.000008113, slumping by 3.6% in the latest hour and adding up to a 2.2% deficit over the past 24 hours. The meme coin’s Relative Strength Index (RSI) remained neutral at 51 on the 1-day charts, while the usually substantial PEPE trading volume stood below $1 billion.
On the Flipside
- PEPE Token has a huge maximum supply of 420.6T coins in circulation, significantly more than most major-cap meme currencies.
- PEPE traders on Derivatives markets tend to place more short positions over longs, with the long vs. short ratio scaled at 0.95 on the bearish side.
Why This Matters
Tracking large investor moves on-chain can provide valuable insight into the crypto market dynamics. Despite its meme coin status, PEPE Token is one of the best-performing altcoins year-to-date.
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