Whales on the Move? PEPE Price Drops 4% Amid $700M Volume

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Simon Chandler

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Simon Chandler

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Simon Chandler is a Brighton-based writer and journalist with over ten years of experience writing about crypto, technology, politics and culture. He has written for Cryptonews.com since late 2017,...

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August 15, 2024 12:29 EDT

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The Pepe price has fallen by more than 4% in the past 24 hours, with its decline to $0.000007858 coming as the market as a whole also loses 4% today.

PEPE is now flat in the past week, but down by 25% in a fortnight and by 33% in a month, marking a difficult period of the meme token.

Yet with the coin retaining a 460% increase in a year, and with its volume holding steady at $700 million today, it remains in a good position to rebound strongly soon.

Whales on the Move? PEPE Price Drops 4% Amid $700M Volume

PEPE may be taking the heat today, but it is at least moving into the kind of oversold position that usually results in nice recoveries.

For instance, its relative strength index (purple) has subsided to 40 today, raising the need for a comeback soon.

It’s much the same story with PEPE’s 30-period moving average (orange), which has been below the 200-period average (blue) for well over two weeks now.

In other words, the market has oversold Pepe, and the token is now below what had previously been considered a ‘fair’ price.

This is encouraging, but in the near term it seems that whales are likelier to sell the coin and buy it, as recent transfer data shows.

We may therefore see Pepe continue to struggle in the next few days, before bouncing back.

A bigger recovery, however, may not come until the market as a whole is in a fundamentally more bullish position.

Recent weeks have brought fears over the direction of the US economy, which has impacted confidence.

But we’re now not very far from September, which experts expect to bring the first Federal Reserve rate cut in years.

By making money cheaper, such a cut will boost investor positivity, something which will feed into the cryptocurrency market.

This could also feed into the Pepe price in a big way, given that it has in the past year or so been one of the most popular vehicles for whales.

It should reach $0.000010 in the next one or two months, before hitting $0.000015 by the end of the year.

A Pepe Token with Utility and Big Potential

Because PEPE has rallied so strongly in the past, there always remains a chance that it may be running out of long-term momentum.

If so, traders may prefer to turn to newer alts and meme tokens, with several promising examples currently doing the rounds.

One of these is new layer-two project Pepe Unchained (PEPU), which has raised a very impressive $8.8 million in its soon-to-be-ending presale.

As a layer-two network for Ethereum, Pepe Unchained will provide instant transactions and very low fees, providing greater scalability than many existing L2s.

What’s more, its scalability and efficiency enables it to provide double the staking rewards, something which will incentivize long-term holding.

It has a max supply of 8 billion PEPU, with 30% of this going to staking, while another 20% will go to the presale.

What’s also encouraging is that coin’s memes and utility are helping it to grow its community already, with the project’s X account already having 10,000 followers.

This all suggests that Pepe Unchained could become very big in the coming months, with investors able to join its sale by going to the coin’s official website.

They can buy PEPU using either ETH, BNB, USDT or fiat currency, with the token currently selling at $0.0090901.

It’s likely to rally well beyond this price once it lists in the next few weeks, such is its growing popularity.

Buy PEPU Now