Is Pepe (PEPE) the New King of Meme Coins? Price Up 14.67%, Analyst Warn of Correction Despite Whale

Pepe Coin (PEPE) has once again shaken the crypto market. Despite already experiencing a significant price increase (bull run), a major investor, known as a “whale,” has been accumulating massive amounts of PEPE, sparking speculation of further price gains.

PEPE has defied broader market trends, reaching record highs in recent days. This volatility has led some to believe a price correction might be imminent. However, the recent whale activity has ignited contrasting market sentiment.

Pepe Coin (PEPE) Whale Accumulation Drives Optimism

According to data from on-chain analytics platform LookOnChain, a whale with the address 0x83768… amassed a staggering 390.56 billion PEPE on May 23rd. This follows a previous purchase of 592 billion PEPE, bringing their total holdings to a whopping 982.56 billion PEPE, valued at roughly $13.6 million. This aggressive buying spree reflects the whale’s confidence in PEPE’s potential for continued growth.

Notably, #pepe⚡ reached an all-time high (ATH) of $0.00001467 today. Instead of the expected sell-off for profit, the market witnessed widespread accumulation across various exchanges, mirroring the whale’s bullish sentiment. This trend further bolstered market optimism surrounding PEPE.

Market Cap Milestone and Price Action

PEPE crossed a significant milestone today, surpassing the $6 billion market capitalization mark. This achievement, coupled with the whale activity, has fueled a positive market buzz for PEPE.

At the time of writing, PEPE is trading at $0.00001371, reflecting a 4.85% increase in the last 24 hours. While the token experienced some liquidation activity worth $6.20 million during the same period, it managed to maintain its upward trajectory, adding another layer of bullishness to its performance.

It’s important to note that the Relative Strength Index (RSI) for PEPE currently sits at 74, indicating that the token may be entering overbought territory. This could signal a potential price correction in the near future. However, PEPE has already defied market expectations once, so its future trajectory remains intriguing.