PEPE Whale Moves $21 Million From Kucoin — How Did PEPE Price React?

Key Takeaways

• $21.10 million PEPE transfer from KuCoin affected the coin’s price.
• PEPE price attempts consolidation, indicating uncertain future direction.
• Retail buying offsets whale selling, supporting PEPE’s price.

A significant Pepe (PEPE) token transfer, worth $21.10 million, was made from the KuCoin exchange on March 27th, involving 2.63 trillion tokens, according to Whale Alert. This transaction coincided with a drop in PEPE’s price. 

Despite a minor recovery of nearly 10% recently, the token’s value had previously fallen to $0.000074, indicating the market felt the transfer’s effects. Analysis of on-chain data, particularly exchange inflow and outflow, reveals noteworthy activity.

Overall, the PEPE price has been trading sideways since March 20, attempting to consolidate before a decisive move. 

PEPE On-chain Data

Looking at the PEPE on-chain data, we can see a larger amount of outflows with a 7-day increase of 47%, compared to nearly 15% inflows in the last seven days. 

This accounts for a positive netflow of 364 billion PEPE, meaning more large holders deposit their tokens onto exchanges. 

This can be interpreted as a bearish sign, which usually indicates the seller’s pressure. However, we can see a different trend by looking at the historical concentration. 

In the last 30 days, while whale holdings have diminished, investor’s holdings rose by nearly 10%. Judging from this data from IntoTheBlock , we can conclude that more retail investors are buying PEPE from whales, thus proving the price support. 

PEPE Price Analysis 

Since its launch in April last year, PEPE has seen remarkable growth, soaring from $0.0000027 to a high of $0.00001 by March 15, marking a 1,115% increase. This momentum initially took off on February 5 from $0.0000008. 

Following a dip to $0.0000059 on March 19, the price rebounded to $0.0000086 on March 26. This fluctuation suggests that PEPE could enter the fifth phase of a growth pattern, reach new highs, or begin a major correction, possibly leading to a new downtrend.

However, a breakout direction will dictate the future trend since we saw a symmetrical triangle formation. There is also a strong chance we haven’t seen the completion of wave 4. In that case, PEPE could fall to another low of $0.0000045 at the 0.382 Fibonacci extension. 

Even if it does, another upward advancement is expected to be higher than on March 15. 

Disclaimers

Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.

About the Author

Nikola Lazic

Nikola Lazic is a cryptocurrency analyst and investor working in the industry since 2017. He holds a bachelor's degree in Sociology, which enables him to better understand the psychology behind the crowd´s positioning. Consequently his preferred analytical tool is Elliott Wave Theory in combination with price action analysis. Combining his experience in trading and investing with knowledge in content writing he strives to bring the most accurate and actionable information. Expertise: Cryptocurrencies, Technical analysis, Elliott Wave Theory, On-chain metrics, Research reports.

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