As the cryptocurrency market faces ongoing turbulence, PEPE, recognized as the third-largest crypto meme coin globally, is capturing the interest of both whales and traders. As of December 28, 2024, the broader crypto market, including prominent assets such as Bitcoin, Ethereum, Solana, and PEPE, appears to be facing challenges.
Significant Whale Activity: A 1.42 Trillion PEPE Purchase
Despite the current market struggles, there is a noticeable uptick in the interest and confidence shown by whales and traders in PEPE. According to insights from Coinglass, an on-chain analytics firm, and Lookonchain, a whale transaction monitoring service, there is a marked increase in whale activity surrounding PEPE.
Lookonchain recently highlighted on X (formerly known as Twitter) that a crypto whale, who had previously liquidated his PEPE holdings for a profit of $11.7 million, has made a strategic comeback by acquiring a substantial 1.42 trillion PEPE valued at $24.5 million during the market dip. This accumulation, stretched over six days, suggests an opportune moment to buy the dip.
Moreover, PEPE’s spot inflow/outflow data has shown that exchanges have experienced a significant outflow of $40.86 million worth of PEPE. This trend indicates that long-term holders are withdrawing their tokens from exchanges, a move typically associated with potential upward momentum and heightened buying pressure.
Technical Analysis of PEPE and Potential Future Levels
Technical analysis experts reveal that PEPE has been trading within a narrow range between $0.0000167 and $0.0000195 over the past ten days. However, a decisive breakout from this range could potentially lead to significant upward movement for this meme coin.
Forecasting PEPE’s Price Trends
Considering recent price dynamics, if PEPE manages to break out of its current consolidation zone and successfully closes a daily candle above the $0.000020 mark, it could potentially see a 40% surge, reaching as high as $0.0000278 in the foreseeable future. It’s crucial to note that PEPE’s bullish outlook hinges on maintaining a close above the $0.000020 threshold; failing to do so might result in a lack of upward momentum.
Analyzing Current Price Dynamics
Currently, PEPE is trading near the $0.000018 mark. Over the past 24 hours, it has experienced a price increase of over 4.5%. Despite this rally, trading volume has dipped by approximately 3.2%, suggesting a decrease in trader and investor participation amid changing market sentiment.
In conclusion, while the broader cryptocurrency market continues to grapple with uncertainty, PEPE’s recent whale activity and technical indicators suggest a potential for upward momentum. Investors and traders should closely monitor these developments to align their strategies with emerging trends.
