Pepe Coin (PEPE), a meme token built on the Ethereum network, has experienced significant on-chain transactions within the past few days and volatile trading dynamics. PEPE is now standing at $0.000008 as of August 13, 2024 with a 24 hour volume of $706,684,502. However, its market cap stays around $3.37 billion despite losing 4.35% over the last day.
Source: CoinMarketCap
Concurrently, technical indicators and whale accumulation are causing analysts to predict that PEPE may rise by anything between 100-300%.
Whale “cookislandstrust.eth” Buys 420 Billion PEPE Tokens
The crypto market has been abuzz following a significant accumulation of PEPE by a whale known as “cookislandstrust.eth.” During this period, he bought 420 billion tokens worth $3.13 million in two separate transactions.The first purchase occurred during the market downturn on August 5th where the whale bought 204.7 billion tokens for $1.5 milli
A whale named “cookislandstrust.eth” is trying to buy $PEPE at dip again!
In the past 7 days, the whale has spent a total of 3.13M $USDT to buy 420B $PEPE on 2 occasions, including the big dump on Aug 5 and 2 hours ago, now making $170K (+5.4%).
The whale also spent 7.05M $USDT… pic.twitter.com/QVnbW5AGYz
— Spot On Chain (@spotonchain) August 12, 2024
This strategic buying spree has already yielded a profit of $170,000, representing a 5.5% gain while purchasing recently took place with an investment summing up to approximately $966k accounting for these tokens’ value.
Apart from purchasing PEPE during this dip same as above mentioned one also acquired Ethereum (ETH). This investor spent $7.05 million to buy 2,978 ETH which see it’s unrealized profits amounting to 534k till date
PEPE Shows Resilience Amid Market Fluctuations
Amidst recent episodes of turmoil within the market, however, there was some resistance from PEPE leading to a retracement by 10% back towards support at $0.0000076 before bouncing back again upwards. Concurrently, the token regained its footing over this mark and even probed into $0.0000084 briefly before steadying itself near $0.0000082 Price Range. Over the last 24 hours PEPE has surged by 2.1% and this week alone it has risen by 36%.
Some analysts have identified multiple bullish technical patterns on PEPE chart, suggesting that there may be further upside potential for the token to explore.Bullish Pennant on daily chart and Bullish Flag on four hourly chart point out towards a target of $0.00000888 price level which is equal to a hundred percent rise from the present price.
A retest of key technical support levels could send Pepe up to 300% rally in case it manages reclaiming some of them especially in relation to lower trend line, implying a bearish wedge pattern as suggested by an analyst.
Mixed On-Chain Data Suggests Uncertain Outlook
On-chain data is mixed with regards to where PEPE might go next in terms of its price movement; while some bigger holders have begun realizing gains smaller investors are still buying, meaning that ownership is becoming more distributed.
This could stabilize price movements and reduce the influence of any single large holder. Alternatively, Lookonchain data reveals yet another whale who deposited 395.92 billion PEPE tokens worth approximately $3.4 million into Binance thereby indicating an impending sell-off and further price declines in future.
Additionally, PEPE’s exchange flow balance has shown a positive spike, indicating increased selling pressure from investors. However, if there will be daily candlestick close above $0.0000131 bearish short-term scenario will become invalid paving the way for possible move towards next resistance at $0.0000157.
