A surge in whale activity within the Pepe coin community has driven its price even higher. Analysts suggest there’s still potential for another 25% rally in the PEPE price, indicating that the momentum may continue.
Pepe coin (PEPE) has played a significant role in the recent surge of memecoin excitement in the market. In the past week alone, the price of Pepe Coin (PEPE) has skyrocketed by an impressive 263%. Within the last 24 hours, PEPE has surged by 40%, reaching a current trading price of $0.000004366. Moreover, its daily trading volume has soared by 200% to $2.31 billion.
Pepe Coin: Factors Behind Market Surge
Pepe coin, an Ethereum-based memecoin with a frog theme, has recently emerged as one of the leading altcoins in the market.
The remarkable increase in PEPE’s market value can be attributed to a combination of fundamental factors and technical considerations. A significant turning point occurred with the introduction of a special offer by Binance aimed at encouraging the acquisition and retention of PEPE.
This initiative provided investors with complimentary tokens and enhanced returns, effectively endorsing PEPE by Binance and attracting additional investor attention. As a result, PEPE’s trading volume experienced a notable boost, while investor confidence in the coin was further solidified. This strategic move played a significant role in driving PEPE’s overall market performance.
Whale Moves Spark Surge in Pepe Coin on Cryptocurrency Exchanges
According to Lookonchain, a blockchain analytics platform, significant activity was observed from a whale on one of the world’s largest cryptocurrency exchanges, involving the deposit of nearly 2 trillion PEPE tokens.
The whale’s accumulation journey commenced on June 7, 2023, when Pepe Coin was trading at $0.000001054. Over the course of six months, from June to December of that year, the address amassed a staggering 1.97 trillion Pepe tokens.
Approximately two months following this extensive buying spree, the whale deposited its entire PEPE holdings, valued at approximately $6.07 million, to Binance. According to the blockchain analytics platform, the whale realized a profit exceeding $3.49 million within a matter of hours.
A smart whale deposited all 1.97T $PEPE($6.07M) to #Binance and made a profit of $3.49M.
Then he changed his position from $PEPE to $SHIB, withdrawing 75.9B $SHIB($893K) from #Binance 3 hours ago.https://t.co/X67O2VjR1y pic.twitter.com/nL7rRDZCXT
— Lookonchain (@lookonchain) February 29, 2024
Pepe Coin Enters Price Discovery Phase, Potential Upside Ahead
Amid its recent breakout above $0.000003537, Pepe coin has entered a price discovery phase, indicating the potential for further upside from current levels.
The Relative Strength Index (RSI) is hovering close to average levels but has consistently remained above, suggesting ongoing dominance by the bulls. This indicates that bullish momentum remains robust and may soon manifest itself in further price increases.
With the expected next bullish surge, Pepe Coin (PEPE) price is likely to reach new highs along the upper resistance of the pattern, potentially surpassing $0.0000055.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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