Join Our Telegram channel to stay up to date on breaking news coverage
The Pepe price plummeted over 5% in the last 24 hours to trade at $0.000007587 as of 1:10 a.m. EST as investors dump their holdings in the frog-themed meme coin.
Pepe Price Drops After Whale Initiated Large Withdrawal From KuCoin
PEPE’s drop follows a large transfer by a crypto whale that took place in the last 24 hours. 2,635,658,884,119 PEPE, valued at $21,108,992 at the time, were pulled out of KuCoin and sent to an unknown wallet, said on-chain whale tracking firm, Whale Alert, in a Mar. 27 X post.
🚨 2,635,658,884,119 #PEPE (21,108,992 USD) transferred from #Kucoin to unknown wallethttps://t.co/N1TRfokBDb
— Whale Alert (@whale_alert) March 27, 2024
This substantial withdrawal could have something to do with the charges against KuCoin’s founders by the US Department of Justice (DoJ).
Lawmakers said that the exchange’s founders failed to implement basic anti-money laundering policies, thus allowing the platform to “operate in the shadows of the financial markets and be used as a haven for illicit money laundering.”
The Pepe Price Continues Its Sideways Trading
4-hour chart for PEPE/USDT (Source: TradingView)
The Pepe price has been in a consolidation phase between $0.00000740 and $0.00000851 over the last week. This may be an accumulation phase before a big move in the coming few days. Should the meme coin overcome the $0.00000851 resistance, it might have the foundation needed to rise to the next major barrier at $0.00000980.
PEPE could then drop a zero if buyers continue to push its price higher in the following days. On the other hand, a break below the $0.00000740 support might expose the Pepe price to the risk of correcting down to the next key mark at $0.00000593.
Buyers Might Gradually Start To Push The Pepe Price Higher
Technical indicators on PEPE’s 4-hour chart suggest the Pepe price is slowly starting to build bullish momentum. The Relative Strength Index (RSI) rising towards its Simple Moving Average (SMA) line might signal that buyers are accumulating strength. Bulls will need to rally together, however, since the Moving Average Convergence Divergence (MACD) indicator shows that PEPE is currently in a bearish cycle.
Although the RSI line is sloped on PEPE’s 4-hour chart, traders may want to wait for a second technical sign that PEPE’s bearish cycle is undergoing a bullish reversal. A positive shift in the gradient of the MACD Histogram could be the earliest indication of this change in trend, potentially opening up the door for a long position.
There is the possibility that the emerging technical signs have something to do with PEPE trading at the lower boundary of the consolidation channel. Risk-averse traders may therefore want to wait for the Pepe price to escape the current consolidation channel to avoid getting trapped in the sideways trading.
As the Pepe price attempts to escape consolidation, the Smog team has teased an additional upcoming exchange listing.
Smog Investors Have A Lot To Look Forward To
Smog (SMOG) is a new Solana meme coin that aims to repeat the early success of its predecessors Bonk (BONK), Myro (MYRO) and Dogwifhat (WIF). The team behind the dragon-themed crypto recently revealed that a new exchange listing is on the way.
Over the past few weeks, millions of dollars have been poured into Solana meme coin presales as hype around these projects went through the roof.
Smog was no different, as investors actively engaged in the project’s Zealy campaign to build their XP for what is being advertised as the greatest airdrop of all time with $1 million in tokens being distributed before Season 1 ends on April 3.
Unlike season one, Season 2 of the airdrop will place emphasis on on-chain and trading activity. This could be why the team opted for the exchange listing when they did, to give investors the ability to build XP by trading on the platform.
Although the announcement as to which exchange will be listing the token has not been made yet, anticipation of it being a top-tier exchange continues to build. This is after Dogwifhat (WIF), another Solana meme coin, scored a coveted listing on Binance.
Investors Can Still Build Eligibility For Season One
Although the end date for season one of Smog’s airdrop campaign has been announced, investors are still able to build their XP to claim from the event. By completing a variety of quests that range from trolling Binance on X to following Smog’s official X page, investors can become eligible for the $1 million airdrop.
One #Memecoin to rule them all! 🚀
Get ready for the greatest #Airdrop in history, distributed on #Solana. 💰
Join #SMOG on Zealy! 🔥
Link in Bio 🔗 pic.twitter.com/vsn4p5cSF4
— SMOG (@SMOGToken) February 8, 2024
The best way for investors to acquire the meme coin is via the project’s official website, where the token is selling at a 10% discount for a limited time.
It can be bought using either ETH, USDT or bank card. Presale buyers also gain access to a 42% APY being offered to anyone who stakes their tokens.
SMOG can be purchased here.
Related Articles:
- PRESALE CRYPTO LIST: Top Upcoming Cryptocurrencies to Invest in 2024
- Slothana Crypto ICO Trends On Twitter, Next Solana Meme Coin To Go Viral After $SLERF And $BOME?
- Revolutionizing Connectivity: The Rise of Decentralized Networks
Newest Meme Coin ICO - Wall Street Pepe
- Audited By Coinsult
- Early Access Presale Round
- Private Trading Alpha For $WEPE Army
- Staking Pool - High Dynamic APY
Join Our Telegram channel to stay up to date on breaking news coverage
