A large whale has just deposited 1 trillion Pepe [PEPE] (worth $11.65 million) into Binance after holding it for 21 days.

This whale initially extracted 2.209 trillion PEPE, valued at $27.68 million, and currently holds 1.2 trillion tokens, worth approximately $14 million.

This move locks in a real loss of $1.95 million. Such behavior typically signals a trend reversal or exit phase. Therefore, this high-profile sell-off may not just be about taking profits.

This could be a signal that large holders are preparing to sell their positions, especially if the price weakens further around the current levels.

Are major shareholders quietly shifting their strategy?

IntoTheBlock's net flow data shows a surge of 1144.65% in traffic over the past seven days. However, the 30-day indicator still shows a significant decline of -1968.60%.

This suggests that the recent influx of funds is likely just a temporary deviation in an overall exit trend.

Combined with the whale's deposit situation, it seems that whales may be transferring tokens to exchanges for distribution rather than accumulation. Short-term inflows could be deceptive, especially before a sell-off.

Thus, although this indicator shift appears optimistic on the surface, it could be a dangerous signal from an overall perspective.

Can the triangular flag hold its ground, or will it collapse?

PEPE is consolidating within the triangular flag while hovering above a strong confluence support level, around $0.00000970.

As of this writing, the token is trading at $0.00001147, and the triangular structure is nearing its apex. A breakout above $0.00001236 could trigger a momentum-driven rise.

However, breaking below the support level would invalidate this pattern and could trigger a large sell-off. A price pullback indicates that a strong trend is imminent.

Thus, this triangular flag formation is crucial—whether it breaks out or collapses will impact PEPE's short-term trend and overall sentiment.

As of the time of writing, PEPE's weighted funding rate for open positions is +0.0070%, indicating a moderate bullish inclination in the market. However, this rate has remained relatively stable, lacking upward momentum.

This reflects traders' hesitation—neither bulls nor bears have strong confidence.

Why is the bull market bleak while the bear market remains unscathed?

As of this writing, the long liquidation amount for PEPE is $137,100, while the short liquidation amount is only $4.03 million. Longs are clearly over-leveraged, betting aggressively on a breakout. However, the price action remains in a sideways consolidation, causing leveraged longs to be repeatedly frustrated.

The imbalance between long and short liquidations indicates that the bulls are being punished for premature optimism. If the key resistance level holds, more long liquidations may occur.

Thus, before the bulls regain control with strong trading volume, the upward momentum in price is likely to be temporary, and opportunistic bears may continue to profit from the volatility. Will $0.00001114 become the turning point for the market?

According to Coinglass's liquidation chart, $0.00001114 is a high-risk leverage cluster. This area is filled with long positions of 25x and 50x.

PEPE is currently approaching this area, making it a critical battleground. If the bulls push the price above this level, strong short liquidations could trigger a powerful rebound.

Conversely, if resistance is encountered here, it will wash away weak longs and intensify bearish pressure. This level is not just a resistance point but also a liquidation trap for both sides.

Thus, the reaction around a price of $0.00001114 may determine the next major direction.

Does this whale's action send a warning signal to PEPE?

The $11.65 million deposit from the giant whale, combined with a substantial number of long liquidations and mixed net flows, makes the market lean bearish.

PEPE still holds the key support level, but indicators show that the bullish position is unstable. If the price breaks below $0.00000966, downward momentum may accelerate quickly.

Thus, yes—this whale activity is likely an early signal of another downturn unless the bulls quickly defend with firm conviction and volume.