The crypto space has been set ablaze by the meteoric rise of PEPE, the meme-inspired digital coin that has captured the attention of retail investors, deep-pocketed whales and the entire crypto community. Over the last 24 hours, PEPE has surged by a massive 13% in the last 24 hours, having surged over 8% on the 2nd of May.PEPE now records a market cap of $3.32 billion as the 30th largest crypto and a trading volume of $1.25 billion.
PEPE Price Chart: CoinMarketCap
What’s the driving force behind this remarkable rally? It appears to be the aggressive accumulation of PEPE coins by a mysterious whale investor. According to data from Spot On Chain, a prominent on-chain transaction tracking platform, a whale with the address 0x546 recently withdrew a colossal sum of 331.3 billion PEPE tokens, valued at $2.24 million, from the Binance exchange at a price of $0.00000675 per coin.
What makes this transaction even more fascinating is the fact that the whale shares the same Binance deposit address with a renowned smart trader, identified as 0x1c6. This smart investor made headlines last month when they expertly sold their entire Uniswap (UNI) holdings just before the token’s price plummeted on April 10th, netting a profit of $6.99 million, a 70.7% ROI.
Whale 0x546 withdrew 331.3B $PEPE ($2.24M) from #Binance at $0.0₅675 an hour ago.
Notably, the whale shared the same Binance deposit address with Smart trader 0x1c6, who sold all $UNI before the price dropped on Apr 10, 2024, and realized an est. profit of $6.99M (+70.7%).… pic.twitter.com/s15dIii6rd
— Spot On Chain (@spotonchain) May 2, 2024
According to Spot On Chain’s report, this dynamic duo of whale and smart trader has been on a PEPE buying spree, collectively withdrawing a staggering 660.7 billion PEPE tokens, worth approximately $4.57 million, from both Binance and MEXC exchanges over the past three days at an average price of around $0.00000692.
The influx of high-profile investors into the PEPE ecosystem has really fueled the coin’s recent surge, sparking speculation and media attention. As the meme coin mania continues to grip the crypto space, many are left wondering whether this is the beginning of a sustained bull run or simply another speculative bubble waiting to burst. Let’s find that out in our technical analysis.
PEPE Technical Analysis
Price has been bullish for the past two consecutive weeks, and the current week appears to be following suit. After marking a low of $0.00000391 on April 13th, the price has been trading in an uptrend, breaking structures to the upside and clearly changing the narrative.
On the daily chart April 22nd, PEPE’s price broke out of a descending channel or bullish flag, closing above it. Following this breakout, the price also recorded a mini bullish flag at the broken-out resistance in the lower timeframe, showcasing the strength of the bulls in the market. PEPE closed outside this mini bullish flag also on May 2nd, confirming the continuation of the uptrend. The price is poised to reach new highs, with targets of $0.00000920 and $0.00001081 in the near term.
PEPE Daily Chart: TradingView
On the 4-hour chart, PEPE’s price is trading bullish and also broken out of a mini-bullish flag after retracing to the support below. The price is positioned to test new highs soon, fuelled by confirmation of a continuation of trend at the mini bullish flag pattern, with the next targets being the recent high of $0.00000920 and the higher high of $0.00001081. If a retracement occurs, it is more likely to retest the broken-out mini-bullish flag support before continuing the rally or lower at the demand zone present at the horizontal support level.
PEPE 4-Hour Chart: TradingView
With the unveiling of Kek Bot, PepeCoin’s cutting-edge trading bot for decentralized exchanges, the meme-inspired cryptocurrency seems poised for new heights. PEPE’s upward trajectory seems unstoppable.
