Blockchain tracking firm Lookonchain revealed in a tweet earlier today that a whale has pulled more than $1.5 trillion in Pepe (PEPE) from Binance in the past 24 hours. According to the post, the whale has withdrawn 1.93 trillion PEPE worth about $3.03 million from the leading crypto exchange. Moreover, he made this purchase by selling Chainlink (LINK) and BNB Coin (BNB). Here are the details…
Whale sells LINK and BNB at a loss
According to Lookonchain, this whale has reportedly sold 97,735 Chainlinks (LINK), which is estimated to be worth $592k, and 9,883 Binance Coins (BNB) at a loss of about $342k to enter positions in PEPE and Ethereum (ETH). The firm stated that the whale used the funds from its LINK and BNB positions to purchase 227 ETH, in addition to 1.93 trillion PEPE. Currently, PEPE was at the top of CoinMarketCap’s trending list. Also, the meme coin price was trading at $0.000001537 after falling 1.22% in the last 24 hours. However, the crypto managed to make an impressive 42.46% weekly gain. This massive weekly gain turned the altcoin’s monthly performance green to 6.76 percent.
Over the past 24 hours, PEPE has also been seen weakening against the two market leaders, Bitcoin (BTC) and ETH. As a result, the meme coin is down 1.50% against BTC and 0.98% against ETH as of press time. PEPE was currently trading above the 9-day and 20-day EMA lines. The 9-day EMA line positioned above the longer EMA line was a bullish sign as it indicated that PEPE is in a short-term bullish cycle and its price could rise in the next 24-48 hours. If this bullish thesis is confirmed, PEPE could turn the resistance level to support at $0.0000017648.
Which levels are critical?
However, investors and traders will want to keep an eye on the RSI line on the daily chart of PEPE as the line was trending bearish below the daily RSI SMA line. If this crossover occurs, it could cause the price of PEPE to retest the key $0.0000013662 support level in the next few days.
Meanwhile, ETH was trading at $1,862.40 after losing 0.23% in the past 24 hours. This negative price action meant that ETH was down 0.56% against BTC at press time, trading closer to the 24-hour low of $1,856.64 and the daily high of $1,911.31.
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