• PEPE experiences volatility after hitting ATH, signaling market turbulence.

  • Notable Whale profits $4.82M from a $494K investment in less than six months

The popular frog-themed memecoin, PEPE, has experienced a tumultuous period, with its price dropping 3.50% in the past 24 hours and trading volume declining by 5.20%. This volatility follows an impressive surge to an all-time high (ATH) of $0.00001718 just eight days ago. Over the past week, PEPE has seen a 10.21% decrease, reflecting the broader market’s bearish sentiment.

Despite the recent downturn, PEPE demonstrated strong performance in mid-May, consistently hitting new ATHs and securing its place as the third-largest memecoin by market cap. Over a month, the token surged by 65%, underscoring its potential and attracting significant attention from investors and traders alike.

One notable event in the PEPE market is the recent activity of a prominent whale. This investor deposited 365.96 billion PEPE, valued at $5.3 million, into Binance. Remarkably, this whale had withdrawn the same amount of PEPE from MEXC in mid-December 2023, when it was worth $494,000. This transaction highlights an extraordinary profit of $4.82 million and an astonishing ROI of 976% in less than six months.

Meanwhile, Analysts are observing fluctuating weighted sentiment around PEPE on social media platforms, indicating a lack of consistent narrative. The community’s mood has been swinging between bullish and bearish within days, suggesting ongoing volatility in PEPE’s market behavior.

Can PEPE Bulls Turn the Tide?

Technical analysis of PEPE’s daily chart reveals a bearish trend, with the 9-day EMA at $0.00001461 with its current price at $0.00001423. And the daily RSI stands at 58, indicating a neutral position. If bulls regain momentum, the price could rise to $0.00001562, with a subsequent target of $0.00001735. 

PEPE Price Chart, Source: TradingView

Conversely, if bearish forces prevail, the price may fall to $0.00001353.As it navigates through these choppy waters, market participants remain divided on its short-term outlook, though its recent history of rapid gains keeps it firmly on the radar of crypto enthusiasts.