Whale Transfers Spark Sell Fears as PEPE Price Tumbles

A mysterious whale has transferred 1 trillion PEPE to Binance, sparking concerns about potential selling pressure on the Ethereum-based meme coin. This move comes after another whale sent 700 billion PEPE to Binance yesterday.

The recent transfer of 1 trillion PEPE could impact short-term price action for PEPE, which has seen a 7% gain over the week but fell 5% in two weeks and 25% in a month. Despite recent losses, PEPE retains a 700% annual gain.

Technical indicators suggest a potential decline before another rally, as the relative strength index fell from nearly 80 to 50. However, PEPE's 30-day average surpassed its 200-day average, indicating a growth phase. The trading volume exceeded $1 billion, up from $350 million days ago.