In the last 24 hours, Pepe’s (PEPE) price has been bullish after establishing support at the intra-day low of $0.000009005. Bulls pushed the PEPE price to an intra-day high of $0.000009381 before facing stiff resistance. PEPE was trading at $0.000009315 at press time, a 2.05% surge from the intra-day low.

Source: CoinMarketCap

For PEPE, market capitalization in the rally rose 1.90% to $3,912,253,379 and the 24-hour trading volume declined 21.18% to $536,265,226.

Whale Activity Sparks Market Speculation

Notably, of late market activity in the PEPE markets, there is overwhelming activity of major whale transactions. A major whale address, 0x88a14933, sent 9 trillion worth of PEPE tokens, approximately worth $82 million, to the Bybit exchange.

This colossal movement has raised investment concerns and market speculation. This address has been quite active, with a remarkable history of huge and numerous transactions, showing a liquidity management strategy.

Another huge whale address is 0x2da, which staked 2 trillion PEPE tokens valued at $18.42 million within the Sophon blockchain project. That they did not sell the tokens again added another episode of curiosity to the crypto space.

PEPE Defies Broader Market Trends

In recent times, however, PEPE has been facing bearish momentum despite the broad market recovery. And even though the price of the coin has been trading in the red, down by a double-digit margin of 14% during the week, these massive dumps to exchanges continue to further trigger this selling pressure.

Among these is the 702 billion PEPE tokens Wintermute offloaded to Binance.

Recent whale activity and strategic stakes might hint at a potential shift in PEPE’s market dynamics. Staking 2 trillion PEPE is an indication of a long-term strategy and some form of confidence that its value will be expected in the future.

Technical Indicators Show Potential for Rebound

As of now, PEPE has an RSI of 53, indicating that it is not quite overbought or oversold. Such a position definitely offers the room for PEPE to become a likely entry point for new investors.

Source: TradingView

Further, the open interest for PEPE futures increased by 10.19% to $100.46 million, even as derivatives volumes decreased by 43.32% to $1.25 billion, indicating cautious market sentiment.

From the current RSI, there are implications for some more downside pressure for PEPE. However, if it persists with the trend of moving lower, a drop might bring it into the oversold area, and price corrections could ensue.

Pepe Price Outlook: Is Volatility Expected?

Whale activities and major trades have a strong relation to the movement of the PEPE price. The token has been indicating bullish pressure in the short term but its price is still subject to the larges holders’ decisions.

Past market trends have shown that high transaction volume is associated with price increases, such as during May 2023 and March 2024.

Market analysts have been looking for the next signs of buying rallies to continue. If the bulls maintain the pressure, PEPE may pierce through significant resistance levels and advance even more. On the other hand, if the buying activity decreases, the price may fall back into the descending channel and continue falling.