Memecoin Pepe (PEPE) has been attracting renewed attention thanks to growing interest from whales and a technical pattern that suggests a strong uptrend.
With significant movement in the market, memecoin is positioned as one of the most promising bets for investors looking for opportunities for appreciation in the short term.
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A notable move recorded by transaction tracker TheDataNerd revealed that a whale has acquired 309.6 billion PEPE tokens. The mega investor paid $6.42 million directly on the KuCoin exchange. This strategic purchase occurred just as the asset broke out of a bullish flag and pole technical pattern.
This behavior indicates confidence on the part of large investors in PEPE’s growth potential. Historically, whales avoid acquiring tokens near all-time high levels. However, the increasing transaction volume suggests renewed optimism towards the memecoin.
PEPE memecoin may rise
Experts, such as analyst Chandan Gupta, have highlighted that PEPE has already broken through the 200-period exponential moving average (200 EMA) on the daily chart. And this breakout reinforces the uptrend. If the token closes a daily candle above $0.000022, there is a real possibility that it will reach $0.000035. This would represent a 60% increase in value in just a few days.
The Relative Strength Index (RSI) indicator also shows that there is room for growth, indicating that the asset is not yet overbought,” he said.
PEPE is currently trading close to $0.000020 despite a 4% drop in the last 24 hours and a 2.38% decrease in trading volume.
In addition to whale movements, data from IntoTheBlock shows a 41.06% increase in the volume of large transactions involving PEPE in the last 24 hours. This growth signals that institutional investors also see significant opportunities in the meme.
