Pepe Coin (PEPE) has witnessed a remarkable surge, climbing by an astonishing 260% over the past week, amidst strong whale movement driving its price higher. With indications pointing towards further momentum, could there be another 25% rally in store for PEPE investors?
Pepe Coin Joins Memecoin Frenzy
Pepe Coin (PEPE), a frog-themed memecoin built on the Ethereum blockchain, has emerged as a significant player in the ongoing memecoin frenzy gripping the cryptocurrency market. Its recent surge in value has garnered attention, with PEPE now trading at $0.000004366, marking a substantial increase of 40% within the last 24 hours alone. The coin’s daily trading volume has also seen a staggering rise, soaring by 200% to reach $2.31 billion.
Fundamentals and Technicals Fueling PEPE’s Rise
The surge in PEPE’s market value can be attributed to a combination of underlying fundamentals and technical factors. A pivotal moment occurred with Binance’s introduction of a special offer aimed at incentivizing the acquisition and retention of PEPE. This initiative, offering complimentary tokens and enhanced returns, not only boosted PEPE’s trading volume but also bolstered investor trust, contributing significantly to its overall market performance.
A smart whale deposited all 1.97T $PEPE($6.07M) to #Binance and made a profit of $3.49M.
Then he changed his position from $PEPE to $SHIB, withdrawing 75.9B $SHIB($893K) from #Binance 3 hours ago.https://t.co/X67O2VjR1y pic.twitter.com/nL7rRDZCXT
— Lookonchain (@lookonchain) February 29, 2024
According to data from Lookonchain, a blockchain analytics platform, significant whale movement has further propelled PEPE’s ascent. A whale recently deposited nearly 2 trillion PEPE tokens into one of the world’s largest cryptocurrency exchanges. This accumulation journey began in June 2023, with the whale amassing a substantial PEPE holding over several months. The subsequent deposit to Binance resulted in a profit of over $3.49 million within hours, highlighting the impact of whale activity on PEPE’s price dynamics.
Anticipating Further Upside
With PEPE’s recent breakout above $0.000003537, the coin has entered a price discovery phase, suggesting the potential for further upside. Despite the Relative Strength Index (RSI) hovering close to average levels, bullish momentum remains robust, with the RSI consistently remaining above average. This indicates ongoing dominance by bulls and raises the possibility of another bullish surge. Analysts anticipate PEPE’s price to reach new highs, potentially surpassing $0.0000055 along the upper resistance of the pattern.
As Pepe Coin (PEPE) continues to ride the wave of the memecoin frenzy, investors remain watchful for further developments that could fuel its upward trajectory in the days to come.
