The meme coin market is in a tizzy. PEPE's price has taken a 5.11% nosedive in the past 24 hours. This drop comes amid a broader market decline. Meme coins are down an average of 4.01%.
A whale transfer has stirred the pot. On August 1st, a significant player moved 400 billion PEPE tokens to Binance. The transfer was worth a cool $4.22 million.
Lookonchain, a blockchain analysis platform, spilled the beans on Twitter. "A whale deposited 400B $PEPE($4.22M) to #Binance to take profits in the past hour," they reported. The whale's not done yet. They still have 395.93B PEPE tokens, worth $4.18 million.
This whale's got some serious gains. Their total profit on PEPE stands at $5.85 million. That's a whopping 230% return on investment. Talk about a lucky catch!
PEPE's troubles aren't new. The token's been on a downward spiral. It's fallen 15.52% below last Friday's prices. Other altcoins are feeling the heat too, but PEPE's drop is more pronounced.
Traders are buzzing with activity. PEPE's trading volume has shot up by 34.50% in the past day. It now stands at 820.88 Million.
The whale transfer seems to have kicked off PEPE's decline. Despite attempts at recovery, the token looks set for more downside. The relative strength index (RSI) is stuck below the 50 mark. It's currently at 40, indicating shaky investor confidence.
Technical indicators paint a gloomy picture. Both short-term and long-term trends point south. Traders should keep an eye on the $0.00000918 support level.
But PEPE's woes might not be all its own doing. The US Federal Reserve's decision to hold interest rates could be a factor. Meme coins often dance to the tune of wider market trends.
While PEPE struggles, a new player is making waves. Pepe Unchained ($PEPU) is turning heads. It's not just another meme coin. It's tackling real issues like transaction speeds and fees.
Pepe Unchained operates on its own Layer 2 chain. This setup offers lower fees and faster transactions. It's already raised a hefty $6.5 million in its presale. Transparency is Pepe Unchained's strong suit. It's undergone two audits and has its own block explorer. Investors can track all transactions on its unique chain.
The presale price is currently fixed at $0.0082596. Early birds are earning a juicy 284% APY. It's a tempting opportunity, even in these choppy market waters.
As PEPE grapples with its whale-induced troubles, Pepe Unchained is making a splash. The meme coin landscape is evolving. It's out with the old, in with the new. Buckle up, folks. The crypto rollercoaster isn't slowing down anytime soon.