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.

Comments

Post a Comment

Popular posts from this blog

Bitcoin Price Prediction: Here’s Why BTC Is Failing to Move Above $30k

Image
The largest cryptocurrency has according to on-chain insights from CryptoQuant “been lodged within a narrow corridor for the past three months.” The on-chain analytics platform claims that the answer lies in the protocol’s fundamental factors such as supply and miner activity. advertisement While we will explore Bitcoin’s fundamental position in a bit, BTC is still feeling the pinch of an aggressive bear camp – down 1% to $30,005. Trading volume is up to $14 billion with its market capitalization holding at $582 billion. The largest altcoin appears to be following in BTC’s footsteps, down 1.6% to $1,898. As discussed in the previous Analysis , Ethereum price must reclaim $1,900 support to keep the resumption of the uptrend above $2,000 intact. What’s Next if Bitcoin Price Loses $30,000 Support? The Bitcoin price consolidation in a narrow rectangular pattern, as shown on the daily chart reveals that the tug of war between bulls and bear is close to its tensile l
Read more

Japan Edges Toward Corporate Crypto Tax Reform

Image
Source: Oka/Adobe Japan is inching closer to reforming its strict crypto tax laws for corporations – in a bid to stop an “exodus” of crypto talent and capital from flowing overseas. Pressure to reform has mounted in recent years, with industry figures and opposition leaders alike all calling for change. More recently, the top financial regulator, the Financial Services Agency (FSA), has signalled that it also wants to modify the restrictive laws. But a final step in this process is approval from the National Tax Agency (NTA). But while the NTA is yet to publicly signal it will make the change, analysts believe that it is working on a tax reform bill that it hopes to unveil in parliament in the coming months. Late last week, the NTA released a set of FAQs that address the matter of crypto taxation. And while these did not directly make mention of any coming reform, Junya Izumi, an Associate Professor of Tax Law at the Chiba University of Commerce, pointed out on Twit
Read more

Bitcoin Price Holds At $27,400 – Will US Unemployment Claims Be The Catalyst?

Image
Bitcoin (BTC) price is back in the $27,000 zone with no signs of an exit soon. The king crypto is consolidating between the $28,551 and $26,578 zone as market players hope for a significant catalyst to trigger a rally. According to economists, United States unemployment claims could have a bearing on Bitcoin price as the number of Americans filing new claims for jobless benefits has been increasing. Nevertheless, as interest rates continue to increase, the U.S. labor market is gradually softening. Based on recent revelations, the U.S. economy added 253,000 jobs in April; the unemployment rate fell slightly to 3.4%. We just learned we created 253,000 jobs in April. That's 12.7 million jobs since I took office, an un employment rate that is the lowest since 1969, and the highest share of working age people in the workforce since 2008. My plan to invest in America is working. — President Biden (@POTUS) May 5, 2023 The following is a description of how U.S. un employment is a
Read more