The crypto market records a significant PEPE whale movement surpassing 1 trillion tokens in the last 24 hours.
PEPE has shown an increase of 75% in daily trading volume.
Pepe (PEPE), one of the most trending frog-themed memecoins recently, has shown a bullish run in the past 24 hours. Following this, the memecoin witnessed a huge whale movement in the early hours of Tuesday. The whale account identified as ‘0x837’ moved 700 billion PEPE, worth approximately $7.85 million, to the crypto exchange Binance.
Reportedly, the whale purchased PEPE from Binance towards the end of May and currently holds 1.4 trillion tokens worth $16.60 million. The whale holds multiple Ethereum-based tokens that sum up to approximately $32 million. According to Arkham Intelligence data, the account’s Pepe holdings ranked the highest in their portfolio.
Notably, the memecoin also witnessed another significant whale movement in the past week. On June 18, a significant 1.15 trillion PEPE was moved from wallet address ‘0x344’ to Binance according to WhaleAlert’s reports. The recent whale movements of Pepe coin have raised speculations of a bullish rally.
PEPE Price Overview
Pepe, at the time of writing, is trading at $0.00001167 with a 24-hour increase of 12.94%. The token after hitting its ATH of $0.00001198 in late May has shown a subsequent bearish turn. Following this, the token exhibited signs of price recovery after this bearish performance in the past month. Over the past week, it has shown an upward movement in price, recording a weekly performance of 10.25% according to CMC data.
PEPE/USDT Daily Price Chart (Source: TradingView )
Moreover, Pepe’s short-term 9-day MA stands below the current trading price indicating the memecoin’s bullish trend. Furthermore, with a daily RSI of 47.74, the token is slowly inching toward a buy zone in the market according to TradingView data. Additionally, the memecoin has exhibited a 77.09% increase in trading volume in the past 24 hours.
According to market analysts, the memecoin is expected to experience upward price movements in the coming months. Inferring from TradingView charts, the memecoin is expected to face resistance at $0.00001226 in case of a continual bullish trend.
However, if bears take over, the token might slide down to find support at $0.00001079. TheNewsCrypto analysts have predicted a bullish price of $0.00004965 for Pepe in 2024. With recent whale movements, the token has raised hopes for a second bullish rally in the market.
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