Amid the current market volatility, Pepe (PEPE), the third-largest crypto meme coin in the world, has been attracting a lot of attention from whales and traders. As of December 28, 2024, the overall cryptocurrency market is facing challenges, with major assets like Bitcoin, Ethereum, Solana, and PEPE all struggling.
Despite the market conditions, there has been a notable increase in interest and confidence in PEPE among whales and traders. According to reports from Coinglass and Lookonchain, a crypto whale recently repurchased a significant amount of PEPE after selling off all their holdings for a profit of $11.7 million. The whale purchased 1.42 trillion PEPE tokens worth $24.5 million during a market dip, indicating a strong belief in the token’s potential.
This whale accumulation took place over a period of six days, suggesting that it was seen as a strategic opportunity to buy the dip. Additionally, data on PEPE spot inflow/outflow showed a substantial outflow of $40.86 million worth of PEPE from exchanges. This indicates that long-term holders are withdrawing their tokens from exchanges, which often signals a bullish trend and increased buying pressure.
In terms of technical analysis, PEPE has been trading within a narrow range between $0.0000167 and $0.0000195 for the past ten days. Analysts believe that a breakout from this consolidation phase could lead to a significant price increase for the meme coin.
If PEPE manages to break above the $0.000020 level and close a daily candle above it, there is a strong possibility that it could surge by 40% to reach the $0.0000278 mark in the near future. However, the bullish scenario for PEPE will only hold true if it successfully closes above the $0.000020 level; otherwise, it may struggle to gain upward momentum.
As of now, PEPE is trading around the $0.000018 mark and has seen a price increase of over 4.5% in the last 24 hours. Despite the price rally, the trading volume has decreased by 3.2%, suggesting a decrease in participation from traders and investors amidst changing market sentiments.
Overall, the market dynamics surrounding PEPE are complex and uncertain, but the recent whale activity and technical analysis indicate that there may be potential for significant price movements in the near future. Traders and investors will need to closely monitor the developments in the market to make informed decisions regarding their PEPE holdings.