- PEPE surges 3%, driven by whale activity and consolidation.
- Whales accumulate tokens, signaling potential price movements.
PEPE, the Ethereum-based memecoin, has surged 3% in the past 24 hours, trading at $0.00002103. Over the past month, the token has seen a remarkable 158% increase, though it remains 18% below its all-time high (ATH). Two weeks ago, PEPE hit an ATH of $0.00002104, but it has since faced consolidation within the $0.000022 to $0.000018 range.
Recently, PEPE has seen significant whale activity. A notable example is a whale that purchased 240 billion PEPE tokens for $3.64 million on May 29. Despite a subsequent price drop, the whale held onto their position for six months and sold the tokens for $4.95 million, realizing a profit of $1.31 million.
Moreover, research data highlights shifting trends in large holder movements. On December 3, PEPE’s whale net flows shifted from a net outflow of 534 billion tokens to a net inflow of 580 billion tokens. An anonymous whale, who has been accumulating tokens, withdrew over 337 billion PEPE from Binance over the past 20 days, worth approximately $7 million. This has contributed to speculation that a new wave of whale accumulation could fuel future price surges.
However, the overall market sentiment among large holders has been bearish in recent days. A PEPE whale deposited 356.2 billion tokens worth $7.3 million to Kraken, signaling a potential shift in sentiment. With whales offloading their holdings, the price of it may face downward pressure unless another significant accumulation wave emerges.
PEPE Bulls To Hit New Highs Again?
Analysts suggest that if it can maintain bullish momentum, it could potentially retest its resistance level at $0.0000227. Conversely, if bearish sentiment prevails, the support level is seen around $0.00001885.
PEPE’s ongoing consolidation and increased whale participation reflect the volatility and uncertainty surrounding its future price movements. Traders and investors are closely watching these developments, with some predicting further upside if whale accumulation continues.
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