The current market sentiment is quite bearish as top assets including Bitcoin (BTC) and Ethereum (ETH) have crashed by 6% and 7% respectively, in the last 24 hours. This massive downturn has created notable selling pressure across the market. In response to this selling pressure, whales and investors have started booking profits.

Smart trader made $15.62 million in profit

Amid this heavy selling, a smart trader made a notable profit of $15.62 million in Mog (MOG) and Pepe (PEPE), as shared by on-chain analytic firm Lookonchain. 

In a post on X (previously Twitter), Lookonchain shared that the smart trader who bought a massive 515.42 billion PEPE tokens worth $861,000 from KuCoin in 2023, has recently dumped just 95 billion PEPE tokens and made a huge $1.08 million. Currently, his holdings in PEPE are worth $4.18 million, bringing the total PEPE profit to $4.4 million. 

Along with PEPE, this smart trader also purchased 7.1 trillion MOG tokens worth $262,500 in 2023 and has recently sold 786 billion MOG tokens for $1.29 million between May and August 2024. With this sale, the smart trader made a profit of a remarkable $11.22 million.

Despite this massive selling, this trader still holds a notable 420.42 billion PEPE tokens and 6.3 trillion MOG tokens in a new wallet. 

PEPE price-performance

Amid this massive selling pressure, PEPE has experienced over 13% downside momentum in the last 24 hours. Meanwhile, its trading volume is up by 70%, signaling higher participation from investors and traders. On the other hand, MOG has experienced over 21% downside momentum in the same period. 

PEPE technical analysis

According to expert technical analysis, PEPE is near a strong support level of $0.000010. If it fails to sustain this crucial level, it could experience a price drop of 10%.

Based on the historical data and price momentum, since February 2024, PEPE has consistently moved above the 200 Exponential Moving Average (EMA). However, this time it is near its 200 EMA, and there is a high chance that it could either stay at this level or experience a price reversal in the coming days. 

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