Prominent Whale Withdraws 1.5 Trillion PEPE Tokens From Binance

A prominent crypto whale identified as 0x3c9 has withdrawn 1.5 trillion PEPE tokens from Binance, according to The Data Nerd. The tokens, valued at approximately $13.54 million, were transferred to a private wallet, suggesting either a long-term holding strategy or preparation for off-exchange deals to avoid immediate sell pressure.

At the time of the withdrawal, PEPE was trading at $0.000009027 per token and had reached $1.2 billion in daily trading volume across platforms. Such large whale transactions usually elicit interest because of their ability to shape the direction in the market. On-chain activity from Arkham Intelligence verified movement into a private wallet.

Selling Pressure and Price Struggles

Pepe is facing intense selling pressure from whales, or large holders, according to data from Santiment. Their holdings have decreased dramatically, going from 165 trillion to 148.7 trillion in February. This reduction of 41 trillion coincides with a double-digit decline in its price from its high level of the year.

The 90-day Mean Dollar Invested Age (MDIA) is also decreasing, signaling increased sell pressure. The overall crypto market has also been affected, with Ethereum having a hard time clearing the pivotal $2,000 level, which can impact meme coins such as Pepe and Shiba Inu.

However, there are signs that selling pressure may be easing. Since April 24, the supply of tokens held by whales has remained stable, and the number of tokens on exchanges has dropped slightly from 255.81 trillion to 254.9 trillion. This decline in exchange volume suggests a reduced selling pressure, offering a potential positive outlook for the token.

Pepe Price Technical Analysis: Struggles at Crucial Resistance Level

Currently, Pepe's price stands at $0.0000088, showing signs of recovery after dipping to a monthly low of $0.000572. It has formed a bullish double-bottom pattern, with a neckline of $0.00000917 on April 28. A double-bottom is a bullish reversal signal and a breakout above a neckline usually indicates a full recovery.

However, it is struggling to break this resistance, putting it at risk of a reversal. If it fails to clear the neckline, a drop toward the YTD low of $0.00000572 could follow. A dip below this level would likely signal a more bearish outlook for the token.

On the other hand, if its price clears the neckline, it could see a potential surge of 87%, targeting $0.00001712, the highest point reached on May 28 last year and currently price reached on $0.0000088.