The broader crypto market is on the edge, buoyed by the return of Bitcoin (BTC) to the $71,000 mark for the first time in more than five months. This boost has helped trigger a massive rally for meme coins like PEPE, with whale embrace fueling a rally in a complementary manner.
PEPE whale and price action
As the price of PEPE recovers from its weekly lows, so does the whale action grow.Per data from Whale Alert, one single whale shifted 1,279,959,528,068 PEPE on Oct. 28. This total PEPE was worth approximately $11,510,036.
đ¨ 1,279,959,528,068 #PEPE (11,510,036 USD) transferred from unknown wallet to #Binancehttps://t.co/qlK9P64wo4
â Whale Alert (@whale_alert) October 28, 2024
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This single whale boost has sparked some projections on the market. While the funds were moved to a Binance address indicating a sell-off, it also proves that activities are beginning to pick up amongPEPE whales that can determine the next trends.
As of writing time, the price of PEPE was trading for $0.00000966, up by 8.49% in 24 hours, per CoinMarketCap data. At this level, the token can erase one zero to retest the resistance level at $0.00001. If this seemingly bearish 1.2 trillion transfer to Binance ends up being liquidated and others follow, it might force a change in the trend for the meme coin.
However, the market's collective hype might help PEPE negate any sell-off scares from either whales or retail holders.
Meme coin breakout
At the current level, many meme coins are in blowout mode.Shiba Inu (SHIB) is up by 10.89% to $0.0000189 with a push to erase one zero. Dogecoin and WIF are also up by 14.52% and 9.60%, respectively, to $0.1664 and $2.644.
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While only a few meme coins like SHIB are implementingregular updates, this bullish recovery has leveled the playing field for all meme coins across the board.
