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Frog-themed cryptocurrency PEPE has dropped a zero from its valuation as cryptocurrencies stabilize following a significant sell-off in the previous week. At press time, PEPE was changing hands at $0.0000106, up 1.54% in the last 24 hours.
PEPE dropped six days in a row from a high of $0.00001315 on July 28 to a low of $0.00000986, adding a zero to its price valuation. The drop, which broadly began from a high of $0.00001475 on July 22, pushed the PEPE price near oversold levels before bulls finally stepped in.
PEPE rebounded in Sunday's session, surpassing the daily SMA 200 at $0.00001028 and reaching an intraday high of $0.0000107 in early Monday.
PEPE's rebound coincides with significant whale activity, with 2,530,000,000,000 PEPE recorded in large transaction volume over the last 24 hours, according to on-chain data.
2,530,000,000,000 PEPE shifted in large transactions
Large transactions are those in which an amount larger than $100,000 is transferred. The Large Transactions Volume indicator shows the total amount of cryptocurrency transferred in such transactions.
In the case of PEPE, 2,530,000,000,000 (2.53 trillion PEPE) were transferred in large transactions over the last 24 hours, according to IntoTheBlock. This amounts to $26.46 million in monetary terms.
As PEPE erases a zero from its price valuation, it now confronts resistance next in the range of $0.000011 to $0.000013, according to on-chain data. This is where a massive 82.68 trillion SHIB were bought by 58,610 addresses at an average cost basis of $0.000012.
Major support lies in the range of $0.00008 to $0.000010, where 47.35 trillion PEPE are being held by 58,070 addresses at an average cost basis of $0.00009, according to IntoTheBlock data. PEPE currently hangs on a thread, with any slight drop forcing it to add an extra zero to its price valuation.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team