The last 24 hours have witnessed a significant movement of PEPE whales in the crypto market, surpassing 1 trillion tokens. PEPE, a popular frog-themed memecoin, has experienced a remarkable surge of 75% in its daily trading volume. This surge has led to a major whale movement in the early hours of Tuesday. The whale account, known as ‘0x837’, transferred 700 billion PEPE tokens, valued at around $7.85 million, to the crypto exchange Binance.
According to reports, this whale had purchased PEPE from Binance at the end of May and currently holds 1.4 trillion tokens, with a total worth of $16.60 million. In addition to PEPE, the whale also holds multiple Ethereum-based tokens, amounting to approximately $32 million. The whale’s Pepe holdings rank highest in their portfolio, according to data from Arkham Intelligence.
Interestingly, this is not the only significant whale movement that Pepe has witnessed recently. On June 18, a substantial amount of 1.15 trillion PEPE was moved from wallet address ‘0x344’ to Binance, as reported by WhaleAlert. These recent whale movements have sparked speculations of an upcoming bullish rally.
As of now, Pepe is trading at $0.00001167, showing a 24-hour increase of 12.94%. After reaching its all-time high of $0.00001198 in late May, the token experienced a bearish turn. However, it has shown signs of price recovery in the past month and has displayed an upward movement in price over the past week, with a weekly performance of 10.25% according to CMC data.
Analyzing the short-term moving average (MA), Pepe’s 9-day MA is below the current trading price, indicating a bullish trend for the memecoin. Additionally, with a daily relative strength index (RSI) of 47.74, the token is slowly approaching a buy zone in the market. Moreover, the memecoin has seen a notable 77.09% increase in trading volume in the last 24 hours.
Market analysts predict that Pepe will continue to experience upward price movements in the months to come. Based on TradingView charts, the memecoin is expected to face resistance at $0.00001226 if the bullish trend continues. However, in the event that bears take control, the token may find support at $0.00001079. TheNewsCrypto analysts have forecasted a bullish price of $0.00004965 for Pepe in 2024. With the recent whale movements, there is renewed hope for a second bullish rally in the market.
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