PEPE sell-off incoming? Whale moves 400 billion tokens to Binance

• PEPE breaches the major support level of $0.00001075; analysts hint at another 20% fall in the coming days.
• $13.8 million in short positions will be liquidated if PEPE soars to the $0.0000118 level.

The overall market sentiment looks bearish and was experiencing heavy selling pressure as we enter August.

Amid this downturn, a crypto whale was found moving a notable amount of Pepe [PEPE] to Binance, as reported by an on-chain analytic firm Lookonchain. 

Pepe whale moves 400 billion tokens 

Lookonchain made a post on X (previously Twitter) stating that a crypto whale has moved a massive 400 billion tokens worth $4.22 million to Binance. 

The main purpose of this massive PEPE transaction is partial profit booking amid the ongoing bearish sentiment. Additionally, this move follows the breakdown of the major support level of $0.00001075.

According to the data, on 1st March, the whale withdrew 795.92 billion PEPE tokens worth $2.55 million from Binance. 

Despite the latest deposit, the whale still holds a remarkable 395.93 billion PEPE worth $4.18 million. Before the massive transfer, the whale’s unrealized profit was somewhere around $5.85 million, which is equivalent to a 230% return on investment.

PEPE price-performance 

At press time, PEPE was trading near $0.00001051 and experienced a 7.5% price drop over the last 24 hours. Meanwhile, the trading volume increased by 14% during the same period.

An increase in trading volume signals a higher level of participation from investors and traders. 

According to expert technical analysis, PEPE is looking bearish, with a high chance of falling another 20% in the coming days. The reason behind this bearishness is the current market sentiment and the recent breakdown of an important support level of $0.00001075.

Based on historical price momentum and price action, PEPE may find the next support near the $0.0000852 level, where the 200 Exponential Moving Average (EMA) lies.

Source: TradingView

Major liquidation levels

Apart from the technical analysis and price action, PEPE’s major liquidation levels are at $0.000010 on the lower side and $0.0000118 on the higher side.

The current liquidation levels show buyer and seller bets on PEPE over the last 7 days.

Source: CoinGlass

Realistic or not, here’s PEPE’s market cap in BTC’s terms

If market sentiment remains unchanged, PEPE price could fall to the $0.000010 level, and nearly $2.04 million of the long position will be liquidated.

Conversely, if sentiment changes, PEPE price could soar to $0.0000118 and nearly $13.4 million short position will be liquidated.