Pepe, the popular and third-largest meme coin, looks set to skyrocket as a new whale buys billions of tokens. On September 2, 2024, online analytics company lookonchain posted on X (formerly Twitter) that a whale had purchased 292.97 billion tokens from Binance worth $2.17 million after the US stock market opened.
Whales' Big Bet on PEPE
This significant purchase of PEPE suggests a great buying opportunity as it occurred near the critical support level of $0.0000071. In addition to PEPE, this whale also made significant bets on Floki (ФЛОВКИ) and WorldCoin (WLD). According to the data, the whale purchased over 4.28 billion FLOKI worth $511,500 and 2.273 million WLD tokens worth $391,000.
However, this time we may see a similar price surge. If this happens, PEPE could soar by 20% to $0.000009 or even more. Meanwhile, its relative strength index (RSI) is in oversold territory, indicating a potential trend reversal in the coming days.
PEPE price dynamics
At the time of publication, PEPE is trading near $0.00000747 and has shown a slight increase of 0.3% over the past 24 hours. Meanwhile, the open interest rate has fallen by 2% over the past hour, while it has risen by 1.7% over the past 24 hours. This increase in the open interest rate signals growing investor interest.
Based on historical price performance, September is usually considered the worst month for price performance. However, the launch of both Bitcoin and Ethereum spot ETFs in the United States may cause some shifts this time around.
