In a market with ongoing uncertainty, PEPE, the third largest meme coin in the global cryptocurrency market, is receiving significant attention from whales and traders. As of December 28, 2024, the entire cryptocurrency market seems to be in a slump, including major assets like Bitcoin, Ethereum, Solana, and PEPE.
PEPE Whale purchased 1.42 trillion Meme coins
According to on-chain analytics firms Coinglass and whale trading tracker Lookonchain, despite these difficulties, whales and traders have started to show interest and confidence in the token.
Recently, Lookonchain reported on X (formerly Twitter) that a cryptocurrency whale, which previously sold all its PEPE holdings for a profit of $11.7 million, has repurchased 1.42 trillion PEPE worth $24.5 million during the market downturn.
This smart whale sold all of his $PEPE during the market downturn on December 19, earning a total profit of $11.7 million on $PEPE.
Over the past 6 days, after the market downturn, whales have again increased their holdings by 1.42T $PEPE ($24.5M).
— Lookonchain (@lookonchain) December 27, 2024
However, this significant accumulation of meme coins has occurred over the past six days, marking an ideal buying opportunity on dips. In addition to this whale acquisition, PEPE's spot inflow/outflow data indicates that exchanges have also witnessed a significant outflow of $40.86 million worth of PEPE. This indicates that long-term holders are withdrawing tokens from exchanges.
Outflow is an on-chain indicator that indicates long-term holders are withdrawing from exchanges, typically signaling 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, a breakout from this consolidation could significantly propel the meme coin's development.
Source: TradingView
PEPE price forecast
Based on recent price trends, if PEPE breaks out of this consolidation area and closes above the $0.000020 level on a daily basis, it is very likely to soar 40% to reach the $0.0000278 mark.
The bullish argument for PEPE is only valid if the daily candle closes above the $0.000020 level; otherwise, upward momentum may not be achieved.
Current price momentum
As of the time of writing, PEPE is trading close to the $0.000018 level and has increased over 4.5% in price over the past 24 hours. During the same period, its trading volume has slightly decreased by 3.2%, indicating reduced participation from traders and investors as market sentiment shifts.