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Wintermute, a global algorithmic market maker, has withdrawn an astonishing 158 billion PEPE tokens from Binance.
This transaction, valued at approximately $1.19 million, signifies a remarkable shift in the meme coin’s liquidity.
PEPE Price All-Time High: Is a Correction Now Looming?
Pepe investors have been enjoying the recent bull run as the PEPE price ended up charting a new all-time high (ATH) for nearly a week.
Meme coins have recently faced a significant correction as crypto whales book the profit. However, Floki has emerged as an outlier, demonstrating remarkable resilience.
Unlike its counterparts, this meme coin has maintained its value, even appreciating against the odds.
PEPE, the third biggest memecoin in the market cap, behind just DOGE and SHIB, grew by almost 800% in the last month. The frog coin is now almost topping the $3B market cap.
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PEPE price is making every meme coin enthusiast’s dreams come true as the altcoin has noted a 506% increase in the last ten days. The world’s third-largest meme token is now at a new all-time high of $0.00000820.
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Over the past 24 hours, several meme coins, including Shiba Inu and Floki Inu, have experienced a significant surge in value, boasting gains exceeding 50%.
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The PEPE price broke out from a long-term descending resistance trend line and nearly reached a new all-time high this week.
While PEPE suffered a slight rejection on February 28, the price still trades above a minor horizontal support area.
The PEPE price broke out from a short-term descending resistance trend line but trades under a long-term one.
PEPE Approaches Long-Term Resistance
The technical analysis of the weekly time frame shows the PEPE price has decreased under a long-term descending resistance trend line since May 2023.