Whale Ditches LINK and BNB for Pepe and ETH: On-Chain Data

  • Lookonchain revealed in a tweet today that a whale withdrew $1.93 trillion PEPE from Binance in the past day.
  • The firm also noted that the whale had sold LINK and BNB to buy PEPE and ETH.
  • At press time, PEPE was trading at $0.000001537 after it printed a 1.22% 24-hour loss.

Lookonchain, the blockchain tracking firm, revealed in a tweet published earlier today that a whale withdrew more than $1.5 trillion Pepe (PEPE) from Binance over the past 24 hours. According to the post, the whale withdrew 1.93 trillion PEPE worth approximately $3.03 million from the leading crypto exchange.

This whale reportedly sold 97,735 Chainlink (LINK), estimated to be worth $592K, as well as 9,883 Binance Coin (BNB) at a loss of approximately $342K to enter into PEPE and Ethereum (ETH) positions, according to Lookonchain. The firm noted that the whale used the funds from the LINK and BNB positions to purchase the 1.93 trillion PEPE as well as 227 ETH.

At press time, PEPE occupied the top spot on CoinMarketCap’s trending list. Furthermore, the meme coin was trading at $0.000001537 after its price dropped 1.22% over the past 24 hours. The crypto was, however, able to boast an impressive 42.46% weekly gain. This large weekly gain had flipped the altcoin’s monthly performance into the green to +6.76%.

The past 24 hours also saw PEPE weaken against the two market leaders Bitcoin (BTC) and ETH. As a result, the meme coin was down 1.50% against BTC and 0.98% against ETH at press time.

Daily chart for PEPE/USDT
Daily chart for PEPE/USDT (Source: TradingView)

PEPE was trading above the 9-day and 20-day EMA lines at press time. The 9-day EMA line positioned above the longer EMA line was a bullish sign, as it indicated that PEPE was in a short-term bullish cycle and its price may rise in the coming 24-48 hours. If this bullish thesis is validated, PEPE may look to flip the resistance level at $0.0000017648 into support.

However, investors and traders will want to keep an eye on the RSI line on PEPE’s daily chart, as the line was looking to cross bearishly below the daily RSI SMA line. Should this cross happen, it may result in PEPE’s price retesting the key support level at $0.0000013662 in the next few days.

Meanwhile, ETH was trading at $1,862.40 after it printed a 0.23% loss over the past 24 hours. This negative price movement meant that ETH was down 0.56% against BTC at press time and was also trading closer to its 24-hour low of $1,856.64 than its daily high of $1,911.31.

Disclaimer: The views and opinions, as well as all the information shared in this price Analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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