Whale investors’ attention is turning to Pepe (PEPE). The digital asset has risen over 11% this week as other major assets, including SPX, see key whale traders switching to PEPE.
This shows a greater shift in the market as the big money investors invest more and more of their capital in the volatile but potentially lucrative memecoin space.
Whales Offloading SPX for PEPE
A whale investor has been making some pretty big trades lately that have people talking in the crypto community. Buying SPX and selling off to PEPE has netted this investor some huge profits.
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As seen in recent tweets tracking these trades, the whale reportedly took $2.19 million on PEPE, $1.7 million on SPX, $1.37 million on MOG, and $207,000 on WOJAK. This points to the rising faith capital in PEPE’s upward momentum, seen by major investors.
That whale’s shift from established tokens towards memecoins like PEPE is a textbook indication of the changing feeling of the market. SPX is a known asset for steady returns that many of the people in the crypto space have been holding as a long-term investment.
However, with SPX’s prices at a standstill, whales are starting to look elsewhere for more explosive short-term gains. By nature, memecoins are their own highest form of risk/high reward trading, which makes PEPE’s recent performance all the more obvious for whales to try their luck in the market.
These traders increasingly diversify their crypto portfolios, with some trading across traditional crypto assets and more speculative memecoins.
Pepe is Up Over 11% for the Week
For Pepe’s most recent price rise of more than 11% in less than a week, that’s to say the least. As whale traders began accumulating substantial positions on the token, the token started to see upward momentum.
You can see from the charts that Pepe is in recovery right now. It’s trading around $0.00000101 after being as low as $0.00000099 just a couple of days ago.
These may look like small numbers, but in percentage terms, that’s a huge shift that could generate substantial profits for people with much of the token. Pepe has a total market cap of $4.23 billion and a 24-hour trading volume of $804.31 million.
It is building towards the position of a memecoin star. Liquidity and the confidence of smaller investors, who often follow the whale’s path, have been partly driven by market activity among the market actors, including whale purchases.
Besides, the mood surrounding PEPE is looking to shift, at least across exchanges, even if it’s still down. Binance mirrors this 1.20% upwards to $0.00000109, indicating a steady accumulation in recent hours. The uptick contrasted with other cryptocurrencies tumbling in the broader market in October, putting PEPE among the most resilient digital assets this month.
Technical Analysis
From a technical standpoint, Pepe can be watched through several indicators suggesting cautiously optimistic times ahead. PEPE/USDT, on a 4-hour chart on Binance, shows a high and high low series, usually meaning the bulls run.
The Relative Strength Index (RSI) is currently at 47.03, in neutral territory, indicating that PEPE is neither oversold nor overbought. That means there is still room for growth if that momentum carries on.
Moreover, around late Wednesday, the 50-day Simple Moving Average (SMA) rose above the 100-day SMA. It created a ‘golden cross,’ a positive signal known among traders to indicate future price rises.
At the moment, Pepe is testing its next resistance level at $0.00000109. If it succeeds in busting through that level, the next key target could be $0.00000112. On the downside, there is strong support at $0.00000098.
If the price falls, pressure will likely be exerted on this support level as investors scoop up tokens, seeing this as an opportunity to obtain tokens at what they feel is a bargain.
