A $5.2M PEPE withdrawal from Binance signals whale activity as the token corrects 10.42% and nears key support at $0.00000554.
PEPE forms a textbook Elliott Wave structure with Wave 4 unfolding, while analysts eye a bullish Wave 5 in coming months.
Technical charts show heavy selling and weakening momentum, suggesting a 23–24% dip before a possible long-term trend reversal.
A newly created wallet withdrew 500.6 billion PEPE tokens worth $5.2 million from Binance, according to Lookonchain. This large transfer happened within 30 minutes, raising eyebrows across the market. The timing coincides with a sharp 10.42% price drop, as PEPE trades at $0.00001014. The 24-hour range shows high volatility, with a low of $0.00000965 and a high of $0.00001134. Over the same period, traders exchanged 29.93 trillion PEPE tokens, valued at $310.16 million.
The PEPE price shown on X by analyst Crypto Bull outlines three major rallies followed by steep pullbacks. The first breakout occurred in June 2024, with PEPE climbing from $0.00000086. This move confirmed strong buying interest and initiated the uptrend. A second rally pushed prices to a peak of $0.00002836 before sellers triggered a major correction. The most recent rally in early 2025 breached key resistance but has since reversed. Red candlesticks now dominate, confirming a correction phase.
Elliott Wave Outlook Shows Bullish Cycle Still Intact
According to PepeOnlyfrens, PEPE’s price action follows a five-wave Elliott Wave cycle. Wave 1 marked the breakout from historic lows. Wave 2 followed with a standard corrective move. Wave 3, the strongest, included sub-waves (i), (ii), and (iii), showing aggressive bullish momentum. However, the current structure suggests Wave 4 is unfolding, marked by sideways consolidation.
Source: Pepe Onlyfrens
Additionally, internal corrections a, b, and c shape Wave 4. The price target box outlines potential levels between $0.88 and $0.0000036. Parallel trend lines form an ascending channel, supporting the Elliott structure. The lower boundary holds during retracements, while the upper line limits upward surges.
Technical Sentiment Points to Short-Term Weakness
The Stochastic RSI shows a cooling momentum, suggesting a potential dip before the next rally. Hence, analysts expect a deeper retracement. Forecasts now predict a possible 23–24% decline if support at $0.00000554 breaks. However, PEPE remains inside a broader bullish formation, hinting at a strong Wave 5 rally ahead.
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