PEPE prices made history this week and could do so again as soon as June enters.
Not only are investors optimistic about this, but they are also pushing the meme coin towards that outcome.
PEPE whales accumulate
PEPE price could benefit from the optimism that holders are showing. Large wallet owners are actively accumulating after a long period of selling. The supply held by non-top exchange addresses increased by 2 trillion PEPE.
This amount worth more than 25 million USD was accumulated by them in one week. This change in behavior is consistent with price action, suggesting whales are driving price action.
If this behavior continues, PEPE price could benefit from this.
Top holder of PEPE | Source: Santiment
Second, investors are motivated to maintain the bullish trend because nearly 30 trillion PEPE is on the brink of profitability. According to the Global In/Out of the Money (GIOM) index, 30 trillion PEPE were purchased between $0.00001300 and $0.00001800.
With the meme coin's all-time high at $0.00001725, PEPE would need to set a new peak to turn the entire $377 million supply profitable. This will require significant price increases on the part of investors.
PEPE GIOM | Source: IntoTheBlock
Their optimism will keep prices rising.
PEPE Price Prediction: Be careful at this level
PEPE price rebounded from the $0.00001369 support level after experiencing a short-term correction. This shows that the bulls are buying at lower levels and PEPE is now moving into bullish mode to establish a new high.
To do that, PEPE needs to break above the $0.00001725 level and turn it into a support level.
PEPE/USDT Daily Chart | Source: TradingView
If it fails to do this, the chances of establishing a new high will disappear, and as a result, it could fall back to $0.00001369. Losing this support will completely invalidate the bullish thesis, pushing the meme coin down to $0.00001200.
https://tapchibitcoin.io/gia-pepe-co-the-dang-tren-da-dat-muc-cao-nhat-moi-thoi-dai-moi.html
