PEPE Whale ‘Machi Big Brother’ Accumulates Millions of Tokens

Yesterday, the on-chain monitoring company Lookonchain revealed in a tweet that the notorious Pepe (PEPE) whale Machi Big Brother, known for his ability to purchase PEPE at a discount and sell it for a profit, purchased 367.028 PEPE over the past 48 hours.

According to the post, the transaction was executed on Binance for $583,000.

This is not the whale’s first significant PEPE purchase this month. Lookonchain revealed in a tweet on August 14, 2023, that Machi Big Brother had purchased 1.14 million APE from Binance for $2.32 million.

Notably, he accumulated 1.88 million PEPE in August. According to the market monitoring website CoinMarketCap, the price of a meme coin at press time was $0.000001118.

This occurred after the price of cryptocurrency increased by 2.45% during the previous trading day. The daily performance of PEPE was positive, but its weekly and monthly performances were in the red zone.

At press time, technical indicators suggested that short-term momentum favored sellers. The 9-day EMA was situated beneath the 20-day EMA.

The altcoin subsequently traded between the critical support level at $0.0000009305 and the resistance level at $0.0000013800.

If sellers continued to unload their PEPE holdings over the coming week, the cryptocurrency’s price could retest the $0.0000009305 support level.

A breach of this level would place the altcoin at risk of returning to $0.0000008140 within the next few days.

If PEPE can complete a daily candle above the 9-day EMA around $0.0000011734, the bearish thesis will be invalidated.

If PEPE succeeds, the meme coin’s price will attempt to convert $0.0000013800 resistance into support before aiming for $0.0000019020 over the next few days.

Alternatively, if the 9-day EMA line rejects PEPE’s price within the next few weeks, the altcoin may challenge the $0.0000009305 support level. Continued selling pressure may drive the PEPE price down to $0.0000008140.