- PEPE faces a 6.9% drawback on Wednesday as Bitcoin (BTC) sinks to $62K.
- Several key indicators show that PEPEโs 25% rally is coming to a halt.
- Demand for PEPE in the Derivatives wanes with $1.10M in liquidated longs.
Pepeโs marvelous 25% bull rally over the past seven days is likely coming to a halt, judging by several on-chain metrics. While the crypto community was excited three days ago over a massive Binance whale cash out of 1.23 trillion PEPE tokens, the same whale shuffled this amount back to the exchange yesterday.
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Another crypto whale shuffled a colossal 1,241,850,000,000 PEPE tokens from Binance to an untagged wallet on-chain. Worth $10.5 million at the time, the receiving end of this hefty transaction has been confirmed to have kept the PEPE tokens. DailyCoinโs investigation team discovered that PEPE is the second largest token in the whaleโs wallet, only falling behind Ether (ETH).
This hints at indecision among the largest PEPE token holders, which became uncertain among crypto enthusiasts. Over the past 24 hours, PEPE slipped by 6.9%, but the combined Spot market liquidity books donโt give the bears an edge just yetโthe latest bids and sales are almost evenly balanced at $37M in buys and $38M in sales.
PEPE Takes a Hit on Derivatives Markets
Since last month, the hype surrounding PEPE has been closely tied to Coinbase’s listing of the token on its Coinbase International platform. The move to include a 1,000 times multiplied PEPE Futures contract was unexpected due to Coinbase CEO Brian Armstrongโs previous unfavorable statements regarding PEPE.
Meanwhile, the high-rolling crypto enthusiasts partaking in PEPE Futures trades have lost steam on Coinbase, as the latest 24-hour volume for PEPE futures trades has plunged by 63% to $164.8K. Real-time on-chain data by CoinGlass indicated similar daily drops for PEPE Futures trades on Binance and Bybit, resulting in a 39.33% overall trading volume drop on Crypto Derivatives.
As of press time, PEPE is exchanging hands at $0.000007848, sliding down from the weekly heights of $0.000009046. With $1.10 million in daily liquidated long positions on PEPE Derivatives, the long versus short ratio remains slightly on the bearish side at 0.912. The negative Chaikin Money Flow (CMF) index at -0.12 affirms todayโs PEPE drawdown.
While the current PEPE price range is still considerably higher than PEPEโs monthly bottom at $0.00000447, hit on April 14, 2024, PEPEโs forthcoming price trajectory could go either way due to a neutral Relative Strength Index (RSI) and ultra-wide Bollinger Bands. The RSI’s point of 55 confirms the indecision among large crypto investors while widening Bollinger Bands hint at likely price fluctuations.
On the Flipside
- Despite several bearish on-chain indicators, PEPEโs holder base has grown exponentially.
- Both active PEPE wallets and new PEPE wallets soared by 44% since last week, according to IntoTheBlock.
Why This Matters
PEPE is among the top performers in the alternative crypto markets, yielding a 241% return in yearly terms.
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