In the midst of a broader digital asset market collapse, the meme coin PEPE (PEPE) is making headlines, with crypto enthusiasts anticipating a potential price surge. The excitement comes after a whale recently made a substantial investment, purchasing 173 billion PEPE tokens, a move that has caught the attention of the cryptocurrency community.
According to blockchain analysis platform Lookonchain, the whale spent a whopping 1.34 million USDC to acquire the PEPE tokens. This investment has already paid off handsomely, with the whale’s holdings now worth $1.77 million—a staggering 886% increase. The significant purchase has sparked speculation that the whale is bullish on PEPE’s future, despite the current bearish sentiment in the broader market.
PEPE has been one of the standout performers during recent market rallies. According to data from CoinMarketCap, the meme coin is up an impressive 826.49% since August last year, solidifying its position as a favorite among speculative investors. As of now, PEPE is trading at $0.057818, with a market capitalization of $3.29 billion, making it the 25th-largest cryptocurrency by valuation.
Over the past 24 hours, PEPE has seen a modest price increase of 1.80%, while its trading volume has dipped by 7.61%, currently standing at $714 million. Despite these fluctuations, the token is still down 54.47% from its all-time high of $0.00001718, which it reached in May this year.
The recent whale activity has further fueled speculation about PEPE’s short-term price potential. The meme coin reached a daily high of $0.058106 before retreating to a low of $0.057392, coinciding with the whale’s massive purchase. Analysts are closely watching the Relative Strength Index (RSI) of PEPE, which currently stands at 43.95, indicating that bears still have control over its price action.
Also Read: PEPE Price Drops 52% – Falling Wedge Pattern Signals Possible 28% Further Decline – Can Bulls Rally?
While the whale’s accumulation of PEPE tokens could lead to a short-term price boost, the broader market’s performance will play a crucial role in determining its trajectory. If the market sees a surge in buying volume, PEPE could experience a significant price rise, much like it has in the past.
As the crypto community keeps a close eye on PEPE’s next move, the whale’s bold bet on the meme coin serves as a reminder of the unpredictable nature of the cryptocurrency market. Whether PEPE can defy the odds and surge in value once again remains to be seen, but one thing is clear: this meme coin is far from being written off.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
About The Author
