A whale transaction on November 28th saw nearly 150 billion PEPE tokens getting taken out via a newly created wallet. The withdrawal comes at a time when PEPE prices have skyrocketed on the back of market optimism and development in the ecosystem.
The magnitude of the transaction has raised concerns, however, making many worry that this could be another signal for a huge dump in the coming days.
Whale Transaction Sees $2.9 Million PEPE Getting Transferred
Huge amount of 150 billion PEPE worth about $2.94 million was abruptly taken out of Binance by a newly established wallet. Such widespread withdrawals often raise questions about their objectives, pointing to potential shifts in market sentiment or upcoming events for these assets.
The transaction comes at a time when investors have kept an optimistic outlook for PEPE token,given its past trajectory.
PEPE Sees Ecosystem Development and Investor Optimism
PEPE coin has recently garnered huge attention from the market given its development as the third biggest meme coin and an investor favorite.
Just earlier in the trading day, the well-known meme coin saw getting listed by Coinbase for becoming tradeable by New Yorkers. The fact that PEPE may now be purchased, sold, sent, and stored directly on the Coinbase platform—which includes both its website and mobile apps—marks a huge advancement for the coin.
Additionally, the previous month saw Pepe Coin getting launched on the largest exchange in South Korea as part of a wave of international acceptance. On November 14th, Upbit listed the Korean Won trading pair for the coin.
These developments have kept PEPE’s market reach upbeat and in tandem with other market peers.
PEPE Market Indicators: What Do They Say?
Market indicators, after reacting to all the optimism, currently show that the Fear & Greed Index for PEPE is currently at 77 (Extreme Greed), indicating a bullish mood.
Over the previous 30 days, Pepe had 13 out of 30 (43%) green days and 35.04% price volatility. With 21 technical analysis indicators indicating optimistic signals and five indicating negative signs, the overall sentiment for the price prognosis of Pepe Coin is bullish.
If the current optimism continues, Pepe Coin’s 200-day SMA is expected to grow over the course of the next month.
A popular metric for assessing whether a cryptocurrency is oversold (below 30) or overbought (over 70) is the Relative Strength Index (RSI) momentum wave. The PEPE market now has a neutral RSI rating of 63.72.