PEPE has been rising for a while, setting new highs. At the same time, a whale bought billions of PEPE.
Does this indicate that the memecoin is ready to continue its massive bull rally?
PEPE hits new high
Investors have made handsome profits over the past month as the price of meme coins has surged. In fact, the rally has taken meme coins to new all-time highs.
According to CoinMarketCap, PEPE has risen by more than 100% in the past 30 days. Thanks to this, more than 97% of PEPE investors have achieved profits, according to IntoTheBlock.
PEPE’s bullish momentum continued over the past 24 hours, with the value surging by 3.5%, pushing the price to a new all-time high.
As of this writing, the meme coin is trading at $0.00001419 with a market cap of over $5.97 billion.
The price increase has also had a positive impact on the meme coin’s social metrics. For example, its social volume has increased significantly.
Moreover, the weighted sentiment entered the positive zone, which means that the market’s bullish sentiment towards the meme coin has increased.
Whales are stockpiling PEPE
Meanwhile, one whale continues to hoard a large amount of PEPE. According to a tweet from Lookonchain, the whale has withdrawn more than 500 billion PEPE from Binance.
To understand whether PEPE's buying pressure is generally high, AMBCrypto analyzed data from Santiment. We found that the exchange outflow of the meme coin has spiked several times last week, suggesting that there is huge buying pressure in the market.
Additionally, AMBCrypto found that the meme coin’s supply on exchanges has increased, while its supply off exchanges has decreased, suggesting that investors may have decided to sell their holdings.
Notably, following the price increase, the PEPE supply held by the top addresses decreased slightly.
Will PEPE’s bull run continue?
To assess whether PEPE's bull rally will end, AMBCrypto analyzed PEPE's daily chart. We found that its Chaikin Money Flow (CMF) has declined.
Additionally, its Money Flow Index (MFI) and Relative Strength Index (RSI) are both in overbought territory. These indicators suggest that the price of PEPE may soon fall.
If a price correction occurs, the price of PEPE may first drop to $0.0000122. At this level, PEPE may rebound and trigger another bull rally. However, if it falls below this level, the price of PEPE may fall further to $0.000010.
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