- Whale activity signals potential for price fluctuations in $WIF and $PEPE.
- $WIF struggles to break resistance, with support at $0.78 holding firm.
- $PEPE’s reduced volume suggests weak demand and potential price pressure.
Whale activity in the memecoin market is heating up today as significant transactions have been made in both $WIF and $PEPE tokens. Data from Spot on Chain reveals that large holders, often referred to as “whales,” are seizing opportunities on Binance. Notably, Whale “0xf37” withdrew 375.35B $PEPE, worth approximately $3.73M, marking their first purchase.
Meanwhile, Whale “A3kTT,” after a two-year dormancy, re-entered the market by withdrawing 6.5M $WIF, valued at $5.19M. Another whale, “4x3M8,” also made a substantial withdrawal of 9M $WIF ($7.42M), despite earlier losses of $1.35M. These whale movements come at a time when both memecoins are experiencing price fluctuations and shifting trading volumes.
Whales are scooping up #memecoins $WIF and $PEPE from #Binance today!
— Spot On Chain (@spotonchain) February 6, 2025
1️⃣ Whale “0xf37” withdrew 375.35B $PEPE ($3.73M) 3 hours ago. This is the whale’s first accumulation.
2️⃣ Whale “A3kTT” returned after 2 years of dormancy and withdrew 6.5M $WIF ($5.19M) 9 hours ago.
3️⃣ Whale… pic.twitter.com/OJka2UvnCp
$WIF Moderate Activity and Key Support Levels
The $WIF token has seen a slight decline of 3.14% in the past 24 hours, currently standing at $0.8052. A closer look at the price trend reveals that, despite several attempts to rebound, the token has failed to maintain consistent upward movement.
This suggests that bullish sentiment is not yet solidifying, with traders facing challenges in sustaining upward price action. The trading volume has decreased by 10.22%, further indicating waning market interest and potentially adding pressure to the price.
Significantly, the coin’s support levels have remained crucial. The recent support level at $0.78 has shown resilience, with the price bouncing back several times. However, if the price falls below this level, traders may look to $0.75 as the next significant point of support.
On the resistance side, $0.82 remains the immediate target, though it has been difficult to break consistently. A successful breach of $0.82 could open the door for a retest of $0.84, which has been a more formidable resistance level.
$PEPE Reduced Buying Pressure and Potential for Breakout
For $PEPE, the market is showing a mixed trend with a 0.18% decrease in the last 24 hours, currently priced at $0.000001018. Recent data points to a series of upward spikes followed by a general downward drift, reflecting indecisive market sentiment. Moreover, trading volume has sharply declined by 36.39%, signaling reduced buying pressure and a lack of strong demand.
The token’s most recent support at $0.000001000 has held firm, acting as both a psychological and technical barrier. Should the price dip below this level, traders are watching $0.00000097 as the next key support zone. Resistance levels at $0.000001030 and $0.000001040 have been tested multiple times, but price action has struggled to surpass them consistently.
Hence, a breakout above $0.000001030 could set the stage for further upward momentum. Conversely, a fall below $0.000001000 may drag the price toward the secondary support level at $0.00000097.
