Pepe (PEPE) is drawing attention as one of the leading meme coins. According to Spot On Chain, a whale recently deposited 52.62 billion PEPE (valued at $10.03 million) into Binance, marking a $5.04 million profit (+97%) in just eight days. Following Coinbase’s listing announcement, PEPE’s price surged by about 61% within 24 hours. Interestingly, if the whale had held a bit longer, their profit could have reached $6.68 million.
Whale Activity Sparks PEPE Price Rally
Large transactions involving PEPE have skyrocketed, with data from IntoTheBlock showing a jump from 100 to over 1,020 in a week. Whale inflows rose 104% over the past week and 195% over the past month, indicating strong investor confidence. On-chain analyst @ai_9684xtpa noted a whale with a 2.02 trillion PEPE position sent 500 billion tokens ($11.17 million) to Coinbase, positioning for a potential $10.52 million profit. The remaining holdings boast a floating profit of $35.26 million with a return rate of 1,811%.
Analysts and Technical Indicators Signal Potential
Crypto analyst Max suggests PEPE may soon enter a leg-up phase, observing patterns in the PEPE/BTC pair similar to those in early 2024. Technical indicators also hint at possible movement: PEPE’s Relative Strength Index (RSI) is over 70, signaling an overbought condition that could either trigger a continued rally due to FOMO or prompt a pullback. While TradingView data shows PEPE trading above both its 10-day EMA of $0.0000112 and its 30-day EMA of $0.0000101, revealing a 60% weekly gain, ranging from $0.00000819 to $0.000013.
Miles Deutscher shared his excitement about Pepe’s (PEPE) recent success, celebrating a year of tirelessly promoting the meme coin across various platforms
What’s Next for Memecoins?
With PEPE’s performance fueled by major exchange listings and whale activity, eyes are now on which meme coin could capture similar momentum next.
PEPE coin could reach a high of $0.000127396 by the end of 2024, depending on market conditions as per coinpedia’s predictions
PEPE could see substantial growth in the near term due to factors like meme coin momentum, whale activity, and November’s historical crypto performance.
Based on current price projections and market conditions, it seems unlikely that PEPE coin will reach $1 in the near future.
