In an unexpected action that has piqued the interest of the crypto community, a massive whale just offloaded a significant stash of 531.5 billion PEPE tokens, worth $5.06 million, onto Binance, signaling capitulation.
According to on-chain data platform SpotOnChain, the transfer took place several hours ago, and the timing is key. The whale, who had only held the tokens for roughly a week, appears to have accepted a $465,000 loss, reflecting an 8.41% drop in their initial investment.
This abrupt exit has sparked speculation across the crypto market, with many wondering whether the whale saw broader weakness ahead for PEPE or simply could not stomach the current price volatility.
PEPE drops 7%
The crypto market is largely trading in red in the early Thursday trading session, owing to profit-taking after an earlier rise in the week, and as investors weighed macroeconomic uncertainty. PEPE was not exempted from the market drop, which wiped out $228 million in leveraged positions across the market.
At press time, PEPE was trading in red, down 6.98% in the last 24 hours and 11% weekly. The latest decline has caused PEPE to add an extra zero to its price, which is now $0.00000929.
If today concludes in losses, PEPE will have dropped for the second day in a row. However, PEPE’s daily chart has flashed a potentially bullish signal: a golden cross. This happens when the 50-day moving average crosses over the 200-day moving average, which is usually seen as a sign of potential upward momentum.
However, the market’s reaction to the golden cross has been subdued as a result of the broader liquidation-driven drop. As a result, the technical outlook for PEPE now presents mixed signals — bullish momentum forming beneath the surface amid short-term price pressure and bearish sentiment.
