After the announcement of the U.S. presidential election results, the cryptocurrency market experienced a significant rebound, attracting billions of dollars in capital. In this positive outlook, a cryptocurrency giant known for profiting from memecoins made a large bet on PEPE.
Whale increases holding by $5 million in PEPE.
On November 6, 2024, whale transaction tracker TheDataNerd showed that the whale wallet address '0x51C' deposited $5.5 million USDT into Binance to acquire $5.07 million worth of 535.81 billion PEPE.
The transaction tracker also noted that prior to acquiring PEPE, this whale had made profitable investments in BRETT and TURBO memecoins. In fact, it has been reported that this whale made profits of $708,000 and $952,000, respectively.
In addition to this remarkable acquisition, the large trading volume of PEPE surged by 32.36%. The substantial increase in volume can be seen as a sign of whale and investor participation.
By examining the current situation and the growing interest from whales, PEPE may provide a promising opportunity for increased holdings.
PEPE technical analysis and key levels.
According to technical analysis from AMBCrypto, PEPE is showing bullish momentum and appears poised for a significant rise. As of the time of writing, it has formed a bullish descending wedge price action pattern, seemingly on the verge of a breakout.
If PEPE's price surges and closes above the daily level of $0.00000974, it is highly likely to spike by 40% in the coming days, reaching the level of $0.0000133.
At the time of writing, the memecoin's trading price is above the 200 exponential moving average (EMA) in the daily timeframe - indicating an upward trend.
Bullish on-chain indicators.
In addition to this technical analysis, on-chain indicators further support the positive outlook for PEPE.
At the time of writing, the strong liquidation levels are at $0.00000905 below and $0.00000979 above. According to on-chain analytics company Coinglass, traders seem to be over-leveraged at these levels.
Additionally, PEPE's open contracts have surged by 40%. Combined with the upward trend in on-chain data, the formation of new positions indicates that people are confident in the fate of the memecoin.