Recently, the third largest meme coin PEPE, which has attracted much attention, has suddenly attracted widespread attention from both inside and outside the cryptocurrency circle after experiencing a three-day price plunge with a cumulative drop of more than 20%. In particular, on August 29, 2024, a PEPE whale used his keen insight to make another move when the price of the coin hit the bottom, spending a huge amount of money to make a layout.
PEPE whales enter the market, market sentiment reverses upward
According to Eyeonchain, a well-known blockchain data analysis agency, a PEPE whale wallet address named "0x612e" has used $1.34 million in stablecoins (USDC) to purchase an astonishing 173 billion PEPE tokens in the past 24 hours. It is worth noting that this whale purchased 170 billion PEPE with a similar strategy in October 2023 and successfully cashed out in July of the following year. In less than a year, it realized a profit of more than $1.77 million, and the return on investment was as high as 886%. This re-investment undoubtedly injected a strong bullish signal into the market.
Technical analysis shows that PEPE has great potential
From a technical perspective, PEPE's current trend is quite optimistic. It has successfully gained support from the rising trend line and is ready to break through the previous high. Although the relative strength index (RSI) is currently in the oversold area, which may indicate the risk of a price correction in the short term, overall, PEPE's upward trend remains solid. Based on the current price trend and historical performance, analysts expect PEPE to surge 23% in a short period of time and hit a new high of $0.0000099.
In addition, at the weekly level, PEPE presents a symmetrical triangle consolidation pattern and is gradually approaching the edge of a breakthrough. If market sentiment remains optimistic and PEPE's weekly closing price can stand above the key resistance level of $0.0000102, then in the next few days, PEPE is expected to usher in a more spectacular 65% increase.
Open interest surges as investor enthusiasm grows
At the same time, market data further confirmed investors’ enthusiasm for PEPE. According to on-chain data analysis platforms such as CoinGlass, PEPE’s open interest has increased significantly by more than 3.5% in the past four hours, showing that during the price correction, the participation of investors and traders increased instead of falling, and the number of open contracts for PEPE increased significantly by more than 3.5% in the past four hours. PEPE has full confidence in its future.
Currently, the trading price of PEPE is hovering around $0.0000077. Although the trading volume has decreased in the past 24 hours, the price has increased by 66.5%, fully demonstrating its strong rebound momentum. This series of positive signals has undoubtedly injected new vitality into the market and made many investors look forward to the upcoming bull market.
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