On-chain data indicates that a whale caused the recent PEPE attack by CoinEdition


On-chain data indicates that a whale caused PEPE’s latest attack
  • Lookonchain revealed in a tweet this morning that a PEPE whale sold all of its possessions even recently.
  • The post revealed that the smart money investor has sold more than 1 trillion PEPE in the last 24 hours.
  • At press time, the price of the meme coin is stable at $0.000001546 after declining by 9.41%.

Blockchain tracking firm Lookonchain tweeted this morning that a smart money investor recently sold all of his Pepe (PEPE) to break even within the last 24 hours. According to the post, he sold 1.33 trillion PEPE for 1162 (ETH), worth approximately $2.115 million, at an average selling price of $0.000001595.

The whale sold off just in time, with CoinMarketCap noting that PEPE was down 9.41% at press time. As a result, the price of the meme coin has stabilized at $0.000001546. It was also outperformed by market leaders (BTC) and Ethereum (ETH) over the past 24 hours, with PEPE down 8.30% against BTC and down 8.82% against ETH.

PEPE was also trading near a 24-hour low of $0.000001535 from a daily high of $0.000001736. In addition, the meme coin’s trading volume dropped by more than 43%, bringing the total to $225,497,257 at press time.

4-hour chart of PEPE/USDT (Source: TradingView)

PEPE price managed to breach the resistance at $0.0000016670 on Saturday night and reached a high of $0.0000015653. The 11% increase in the price of the meme coin immediately triggered a profit-taking phase for investors and traders – triggering a slight pullback to close the 4-hour candle at $0.0000017497.

The altcoin was unable to sustain a position above the aforementioned 0.0000016670 price point, however, and closed at $0.0000016282 yesterday afternoon. After that, its price continued to drop below the 9 EMA and 20 EMA lines on the 4-hour chart, as it continues to trade as of press time.

Disclaimer: Opinions and opinions, as well as all information shared in this price analysis, are published in good faith. Readers should do their research and due diligence. Any action taken by the reader is at their own risk. Coin Edition and its affiliates will not be liable for any direct or indirect damage or loss.

Post-chain data indicates that a whale caused the recent PEPE attack that first appeared on the coin issuance.

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