A major PEPE whale has just made waves in the crypto market, depositing 1 trillion PEPE tokens—worth $11.65 million—into Binance after holding them for just three weeks. This move comes after the same whale previously withdrew 2.209 trillion PEPE (valued at $27.68 million) and still retains 1.2 trillion tokens, currently worth about $14 million .
What’s Behind the Whale’s Move?
The whale’s deposit resulted in a realized loss of nearly $2 million, a signal that often precedes trend reversals or marks the start of an exit phase for large holders. Rather than simple profit-taking, this action could indicate that big players are preparing to offload more tokens, especially if PEPE’s price shows further weakness around current levels .
Are Whales Changing Their Strategy?
Recent on-chain data from IntoTheBlock shows a dramatic 1,144% spike in netflows over the past week, suggesting a temporary surge in tokens moving onto exchanges. However, the 30-day netflow remains deeply negative, pointing to a broader trend of whales exiting their positions. This short-term inflow could be misleading, as it may simply precede further selling pressure .
Technical Picture: Key Levels and Patterns
PEPE is currently consolidating within a pennant flag pattern, hovering above a strong support zone near $0.00000970. At the time of writing, the token trades at $0.00001147, with the pennant’s apex approaching. A breakout above $0.00001236 could spark momentum-driven gains, but a breakdown below support would likely trigger heavy selling. The current price compression suggests a significant move is imminent .
Leverage and Liquidations: Bulls on Thin Ice
Market data shows a mild long bias, with the OI-Weighted Funding Rate at +0.0070%. However, this rate has been flat, reflecting trader hesitation. Notably, PEPE has seen $137,100 in long liquidations versus just $4,030 in shorts, indicating that overleveraged bulls are being punished as the price remains range-bound. If resistance holds, more long liquidations could follow, keeping upward moves short-lived .
Critical Level: $0.00001114 as the Battleground
According to Coinglass, the $0.00001114 level is packed with high-leverage long positions (25x and 50x). If bulls can push the price above this zone, a wave of short liquidations could trigger a sharp rally. Conversely, rejection at this level would likely flush out weak longs and reinforce bearish momentum. How the price reacts here could define PEPE’s next major move .
Market Outlook: Is This a Warning Sign?
The combination of the whale’s $11.65 million deposit, heavy long liquidations, and mixed netflow data tilts the market sentiment bearish. PEPE is still holding key support, but if the price breaks below $0.00000966, downside momentum could accelerate quickly. Unless bulls step in with strong volume, this whale activity could be an early warning of another leg down for PEPE.
