PEPE ($PEPE) Price: Consolidates Near $0.00002 as Whale Accumulation Continues

TLDR

• A major whale purchased 337.09 billion PEPE tokens ($6.92M) from Binance over a 20-day period
• Exchanges saw $346.40M worth of PEPE tokens withdrawn during recent consolidation
• Major liquidation levels exist at $0.00002011 (longs) and $0.00002137 (shorts)
• Technical analysis shows a bullish flag-and-pole pattern formation
• Current trading price is $0.00002068 with 2.5% 24-hour gain and 6.5% volume increase

A notable development in the cryptocurrency market has emerged as blockchain data reveals substantial whale activity in PEPE token trading. According to transaction tracking platform Lookonchain, a single whale wallet has accumulated 337.09 billion PEPE tokens, valued at $6.92 million, through withdrawals from Binance.

The purchasing activity occurred over a 20-day period, coinciding with PEPE’s price consolidation phase. The whale wallet, identified by the address 0x698, executed these purchases systematically, suggesting a planned accumulation strategy rather than opportunistic buying.

A whale bought 240B $PEPE($3.64M) at a high price on May 29, and the price of $PEPE dropped afterward.

But instead of panic selling, he held on for 6 months.

Just 30 minutes ago, he sold his 240B $PEPE($4.95M), making a profit of $1.31M!https://t.co/PBnbhDLhjf pic.twitter.com/MPyfSkYMWs

— Lookonchain (@lookonchain) December 4, 2024

Data from on-chain analytics provider Coinglass shows a broader trend of PEPE tokens leaving exchanges. The platform’s Spot Inflow/Outflow metrics indicate a net outflow of $346.40 million worth of PEPE tokens during the recent consolidation period.

This large-scale movement of tokens away from exchanges often signals long-term holding intentions among investors. When tokens are withdrawn from exchanges, they become less readily available for immediate selling, potentially reducing short-term selling pressure on the asset.

The current market structure shows important liquidation levels that traders should note. A concentration of long positions worth $5.13 million faces potential liquidation at $0.00002011, while short positions totaling $2.17 million could be liquidated at $0.00002137.

Trading volume metrics indicate growing market participation. The past 24 hours saw a 6.5% increase in trading volume compared to the previous day, suggesting renewed trader interest in the token.

Price action analysis reveals the formation of a bullish flag-and-pole pattern on daily timeframes. This technical formation is currently testing resistance levels, with traders watching for a potential breakout.

PEPE Price on CoinGecko

Market data shows PEPE trading at $0.00002068 at press time, representing a 2.5% increase over the past 24 hours. This price point places the token within its recent consolidation range, above key support levels.

The token’s Relative Strength Index (RSI) reading of 60 indicates momentum without entering overbought territory. This technical indicator suggests potential room for upward movement before reaching levels typically associated with price exhaustion.

Looking at key price levels, technical analysts point to $0.0000235 as a crucial resistance point. A daily close above this level could open the path to higher price targets, with some analysts calculating potential moves to the $0.000035 range.

The recent whale activity comes during a period of broader market attention on memecoins. PEPE maintains its position as the third-largest memecoin by market capitalization, behind DOGE and SHIB.

Exchange flow data continues to show a preference for off-exchange storage among token holders. This trend has persisted throughout the consolidation phase, with daily outflows consistently exceeding inflows.

The concentration of liquidation levels near the current trading range suggests active trading interest around these price points. These levels often act as magnets for price action in the short term.

Market makers and liquidity providers have maintained tight spreads during this period, indicating healthy trading conditions despite the consolidation phase.

The combination of whale accumulation and sustained exchange outflows presents a clear picture of current market dynamics. These on-chain metrics provide transparent data points for market participants to consider in their analysis.

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