Whales Dump PEPE: On-Chain Data Exposes Major Profit-Taking Amid Memecoin Mania
PEPE''s price action turns volatile as blockchain sleuths spot whale wallets cashing out.
Big players exit stage left—retail left holding the bag again?
When the memecoin music stops, the suits always find chairs first.
TLDR
- A whale deposited 595.2 billion PEPE worth $6.52 million into Binance, securing a $1.57 million profit
- PEPE holders are realizing losses with Network Realized Profit/Loss dropping to -50.21 million
- Price broke below the 50-day EMA at $0.0000114 and declined nearly 9% through Monday
- Supply on exchanges increased from 103.55 trillion to 104.12 trillion tokens in one day
- PEPE approaches key ascending trendline support at $0.0000103 with bearish momentum indicators
Pepe (PEPE) faces mounting pressure as whale activity and technical indicators point to potential further declines. The memecoin trades NEAR critical support levels while key holders begin profit-taking activities.
A whale recently deposited 595.2 billion Pepe tokens worth $6.52 million into Binance exchange. The whale secured a profit of $1.57 million, representing a 32% gain from their cost basis of $0.00000832.
The whale’s actions come as PEPE tests structural support levels. The token remains approximately 57% below its four-month high reached during a previous rally.
Despite the large sale, the whale maintains exposure to PEPE. They hold 104.4 billion tokens worth $1.15 million in another wallet, with $320,000 in unrealized gains.
On-chain data reveals declining investor confidence. Santiment’s Network Realized Profit/Loss metric dropped from 189,150 to -50.21 million between Sunday and Monday. This negative reading indicates PEPE holders are realizing losses on average.
Exchange Activity Increases
Supply on exchanges ROSE from 103.55 trillion to 104.12 trillion tokens during the same period. The increase suggests holders are moving tokens to exchanges, potentially preparing for selling activity.
PEPE broke below its 50-day Exponential Moving Average at $0.0000114 on Thursday. The token declined nearly 9% through Monday following this technical breakdown.
The memecoin now approaches an ascending trendline drawn from multiple lows since early April. This trendline coincides with daily support at $0.0000103, creating a key zone for price action.
Technical indicators show bearish momentum building. The Relative Strength Index reads 40 and points downward, indicating increasing selling pressure.
The Moving Average Convergence Divergence displayed a bearish crossover last week. The indicator shows red histogram bars below its neutral level, supporting the downward trend thesis.
Price Targets and Levels
If PEPE breaks below the ascending trendline with a daily close under $0.0000103, the decline could extend 15% to retest support at $0.0000088. A break of this level could push prices toward $0.0000079.
IntoTheBlock’s on-chain signals summary projects a bearish outlook for the token. Multiple data points align to suggest continued weakness ahead.
The memecoin’s concentration remains high, with 87% of supply held by the top 1% of addresses. This concentration means whale actions carry outsized impact on price movements.
PEPE’s recent performance contrasts with its earlier rally. A month ago, the token’s drop to $0.000007 triggered accumulation that led to a 36% gain to four-month highs.
Recovery remains possible if PEPE finds support around the ascending trendline. A bounce from current levels could target the 50-day EMA at $0.0000114 as the next resistance level.
The coming sessions will determine whether smart money continues rotating out of positions or if support levels hold against selling pressure.
Current price action suggests calculated profit-taking rather than panic selling as whales preserve gains while momentum fades near local highs.
