TLDR:
$PEPE showing strong signs of potential breakout, aiming for $25 billion market cap
Notable trader 304.eth has accumulated large positions in $PEPE and $WOJAK
PEPE gained 23.7% in the last month, demonstrating significant momentum
Technical indicators suggest PEPE is primed for further upward movement
Analysts predict PEPE could gain up to 60% in coming months as it overcomes key resistance levels
The Ethereum-based memecoin PEPE has been making waves in the past week, with strong indicators pointing to potential substantial gains ahead. Over the past month, PEPE has seen impressive growth of nearly 24%, and market watchers believe this upward momentum is set to continue.
PEPEâs price action has caught the attention of traders and analysts alike. A prominent trader known as 304.eth has been steadily increasing their holdings in PEPE, accumulating 33.11 billion tokens worth approximately $313,600 over an eight-day period.
In the past 8 days, trader 304.eth has been buying $PEPE, total 33.11B ($313.6K).
During the same time, he also bought more 82.86M $WOJAK ($107.3K).
Currently, he is holding 298.45B $PEPE ($3.04M) and 352.69M $WOJAK ($454.5K).
To understand his strategy better, please refer⊠https://t.co/cYnyf6G7wQ pic.twitter.com/dXMqldyPr0
â iCrypto | Sentiment & On-chain Analysis (@iCryptoAI) October 17, 2024
This same trader has also invested in another memecoin, WOJAK, purchasing 82.86 million tokens for around $107,300. Such significant accumulation by influential traders is often seen as a bullish signal in the crypto market.
The growing interest from large traders has led many to speculate that PEPE could be poised for a significant breakout. Optimistic projections suggest the token could potentially reach a market capitalization of $25 billion in the next bullish wave, which would represent a substantial increase from its current levels.
Technical analysis of PEPEâs recent price movements reveals a promising picture. The token is currently trading within a symmetrical triangle pattern, which typically precedes a price breakout after a period of accumulation.
This pattern often signals that a big move is on the horizon, with many analysts leaning towards an upward breakout given the overall bullish sentiment surrounding PEPE.
Some analysts remain particularly optimistic about PEPEâs potential. If the token can overcome the resistance at $0.0000130 and maintain strong trading volume, it could potentially see gains of up to 60% in the coming months. This scenario is supported by PEPEâs ability to sustain momentum and attract buyers, as evidenced by its recent price performance.
The memecoin sector has shown resilience and the ability to capture investor imagination, with PEPE emerging as one of the leaders in this exciting and dynamic space.
As of October 21, 2024, PEPE was trading at approximately $0.0000103, with a market capitalization of $4.36 billion and a 24-hour trading volume of $488.77 million. These figures underscore the significant interest and liquidity in the PEPE market, providing a solid foundation for potential future gains.
The accumulation by influential traders, coupled with PEPEâs strong recent performance, has created a buzz in the cryptocurrency community. Many believe that PEPE could be on the cusp of a major move upward, potentially rewarding early investors and those who recognize the tokenâs growth potential.
PEPEâs success story is part of a broader trend in the cryptocurrency market, where memecoins have shown the ability to generate substantial returns. The tokenâs community-driven nature and its ability to capture the imagination of crypto enthusiasts have been key factors in its rise to prominence.
Looking ahead, the outlook for PEPE appears bright. With a supportive community, growing interest from large traders, and positive technical indicators, many market participants are eagerly anticipating PEPEâs next move.
The post Pepe Coin (PEPE) Price: Analysts Project $25 Billion Market Cap appeared first on Blockonomi.
