Whale Transfer Triggers Short-Term Price Pressure on PEPE

The price of PEPE, an Ethereum-based meme coin, rose 4% to $0.00001247 today despite the wider crypto market remaining stagnant.

This increase comes after a mysterious whale transferred 1 trillion PEPE to Binance, which could signal sell mode for short-term price action.

However, technical indicators suggest a potential decline before another rally, with PEPE's relative strength index falling from nearly 80 to 50 and its 30-day average surpassing its 200-day average.

The trading volume exceeded $1 billion, up from $350 million just days ago, but the price of PEPE dipped 1.5% in the past hour.