PEPE Whale Offloads $6.52M, 32% Gain, Support at $0.000010 Under Pressure

PEPE, a meme coin that has gained significant attention in the cryptocurrency market, is currently facing a critical juncture. A whale recently offloaded $6.52 million worth of PEPE, with a cost basis of $0.00000832, raising questions about whether other whales will follow suit if the support level breaks. This move comes after a month-long accumulation phase that saw PEPE's price rally by 36%, reaching a four-month high. Despite a recent cooldown, the memecoin remains around 57% from that peak, keeping a large portion of participants in the green. However, with 87% of its supply held by the top 1% of addresses, the stakes are high for whales who are sitting on healthy unrealized profits.

PEPE's structure is currently leaning on a fragile support zone. If this support gives way, profit-rich whales could start offloading their holdings to lock in gains before the fear of missing out (FOMO) fades. The $0.000010-level has sparked solid dip-buying twice, but a convincing bounce has yet to be seen. A breakdown here wouldn't just form a fourth lower low; it could also trigger whale profit realization. SpotOnChain tracked a key move where a whale deposited 595.2 billion PEPE, worth $6.52 million, into Binance, securing a $1.57 million profit (+32%) after riding the last accumulation cycle. This move reinforces the thesis that short-term whales are rotating out as price momentum stalls near local highs. However, the position isn't fully closed, with 104.4 billion PEPE worth $1.15 million remaining in another wallet, holding $320k in unrealized gains. This puts PEPE's $0.000010 support under pressure.

The coming sessions are pivotal for PEPE. A confirmed lower low below the $0.000010 level could trigger whale rotation, not out of panic, but to preserve tightening margins. Chart vigilance is critical as this is where smart money decides whether to hold or hit the exits. The potential exit of short-term whales from PEPE comes at a time when the overall cryptocurrency market is experiencing volatility. While some investors are optimistic about the long-term prospects of meme coins, others are cautious given the recent price fluctuations. The accumulation of PEPE by whales has been a key factor in its price movements, and any significant selling pressure could lead to a sharp decline.

The critical support level of $0.000010 for PEPE is a key indicator that investors are watching closely. If PEPE manages to hold above this level, it could stabilize and potentially regain its footing. However, a break below this support could trigger further selling, leading to a more significant decline. The situation with PEPE highlights the broader challenges facing the cryptocurrency market. While meme coins like PEPE have gained popularity due to their potential for high returns, they are also highly volatile and susceptible to market sentiment. The actions of whales, who hold large positions in these coins, can have a significant impact on their price movements. As such, investors are advised to exercise caution and conduct thorough research before making any investment decisions.