In the midst of ongoing market fluctuations, Pepe (PEPE), the third-largest cryptocurrency meme coin globally, is capturing significant attention from both whales and traders. As of December 28, 2024, the broader cryptocurrency market, including major assets such as Bitcoin, Ethereum, Solana, and PEPE itself, appears to be grappling with substantial challenges.
Whales Eye PEPE: A Massive Acquisition Unfolds
Despite the prevailing struggles within the market, there is a noticeable surge of interest and confidence in PEPE from both whales and traders. This trend has been highlighted by the on-chain analytics firm Coinglass and the whale transactions tracker Lookonchain.
Lookonchain recently shared on X (formerly known as Twitter) that a prominent crypto whale, who had previously liquidated his PEPE holdings for a profit of $11.7 million, has made a strategic move by repurchasing 1.42 trillion PEPE tokens, valued at $24.5 million, during a market dip. This significant accumulation of meme coins over a span of six days signals an opportune moment for investors to “buy the dip.” Additionally, data on PEPE spot inflow and outflow indicates that exchanges have experienced a considerable outflow of $40.86 million worth of PEPE, suggesting that long-term holders are withdrawing their tokens from exchanges.
This outflow is an important on-chain metric that often signifies increased buying pressure and potential upward momentum, as it reflects long-term holders opting to secure their investments outside of exchanges.
PEPE Technical Analysis: Navigating Upcoming Levels
Expert technical analysis reveals that PEPE has been consolidating within a narrow range, oscillating between $0.0000167 and $0.0000195 over the last ten days. A potential breakout from this consolidation phase could lead to significant upward movement for the meme coin.
PEPE Price Prediction: What Lies Ahead?
Based on recent price patterns, if PEPE manages to surpass this consolidation zone and closes a daily candle above the $0.000020 threshold, there is a strong likelihood that it could experience a remarkable 40% increase, reaching the $0.0000278 level in the foreseeable future. It is crucial for PEPE to close a daily candle above the $0.000020 mark to maintain its bullish trajectory; failing to do so may impede its upward momentum.
Current Price Momentum: A Snapshot
As of the latest data, PEPE is trading close to the $0.000018 level, having witnessed a price rally of more than 4.5% over the past 24 hours. Concurrently, its trading volume has dipped by a modest 3.2%, indicating a decrease in trader and investor participation amid shifting market sentiments.
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