Amid ongoing market uncertainty, the global third-largest meme coin Pepe (PEPE) is attracting significant attention from whales and traders. As of today, December 28, 2024, the entire cryptocurrency market seems to be struggling, including major assets like Bitcoin, Ethereum, Solana, and PEPE.

PEPE Whale purchased 1.42 trillion Meme coins

Despite these struggles, whales and traders have begun to show interest and confidence in the token, as reported by on-chain analytics firm Coinglass and whale trading tracker Lookonchain.

Recently, Lookonchain posted on X (formerly Twitter) stating that a crypto whale, which previously sold all its holdings of PEPE to profit $11.7 million, has repurchased 1.42 trillion PEPE worth $24.5 million amidst the market downturn.

However, this significant accumulation of meme coins has occurred within six days, indicating an ideal buying opportunity on dips. In addition to this whale acquisition, PEPE spot inflow/outflow data shows that exchanges have also witnessed a significant outflow of PEPE worth $40.86 million. This indicates that long-term holders are withdrawing tokens from exchanges.

Outflow is an on-chain indicator that shows long-term holders withdrawing from exchanges, which typically signals potential upward momentum and increased buying pressure.

PEPE Technical Analysis and Upcoming Levels

According to expert technical analysis, PEPE has been consolidating in a narrow range between $0.0000167 and $0.0000195 for the past ten days. However, breaking out of this consolidation could significantly propel the meme coin.

Source: Trading View

PEPE Price Prediction

Based on recent price trends, if PEPE breaks out of this consolidation zone and closes above $0.000020 on a daily candle, it is likely to surge 40% in the future to reach the $0.0000278 mark.

The bullish case for PEPE is only valid if the closing price exceeds the $0.000020 level on the daily chart; otherwise, it may fail to gain upward momentum.

Current Price Momentum

At the time of writing, PEPE's trading price is close to the $0.000018 mark, having risen more than 4.5% in the past 24 hours. During the same period, its trading volume has slightly decreased by 3.2%, indicating a reduced level of participation from traders and investors amid a shift in market sentiment.





[Disclaimer] The market carries risks; investment should be cautious. This article does not constitute investment advice, and users should consider whether any opinions, views, or conclusions contained herein align with their specific circumstances. Investment based on this is at one's own risk.