Pepe Coin, the meme-based cryptocurrency, has made a strong comeback, breaking through key resistance levels as investor enthusiasm returns. With Bitcoin gearing up for its anticipated “Uptober” rally, meme coins like Pepe are capturing attention again. Analysts are now projecting a 50% price increase for Pepe Coin this month, driven by the growing interest from whales—large investors making significant transactions.
Pepe’s Whale Activity On The Rise
In the past 24 hours, Pepe’s price has surged significantly, with sellers losing their grip around the $0.00001 mark. Data from Coinglass reveals that a total of $4.2 million in Pepe positions were liquidated, with $2.6 million coming from bearish bets. This liquidation marks a major shift in sentiment, signaling that bears are losing confidence, giving the bulls a much-needed boost.
But it’s not just liquidations driving the excitement. According to IntoTheBlock, large transactions involving Pepe—defined as trades worth over $100,000—have surged, indicating that whales are actively participating in the market. These whale transactions have recently totaled around $85 million, a strong indicator of their confidence in Pepe’s future price trajectory. The number of large transactions rose from a low of 69 to a recent high of 346, showing a steady increase in whale activity over the past few weeks.
This rise in whale interest suggests that despite recent market volatility, major investors are still bullish on Pepe. Their confidence could potentially spark a rally, as big players often set the tone for market trends. If whales continue buying, it could generate the momentum needed to push Pepe to new heights in October.
Short-Term Holders and Market Risks
However, there’s a slight cause for concern. A dip in Pepe’s Mean Coin Age—an indicator that tracks the average age of coins in circulation—suggests that long-term holders may be preparing to sell. If these investors lose confidence and start offloading their tokens, it could put downward pressure on Pepe’s price and derail its October rally potential.
What’s Next for Pepe?
Pepe’s price has bounced off its 50-day simple moving average (SMA) of $0.00001, signaling that bulls are aiming to establish a higher low. At the time of writing, Pepe is trading at $0.0000104, up 4.1% in the last 24 hours. If buyers manage to keep the price above the 20-day exponential moving average (EMA) of $0.00000992, momentum could build, pushing the PEPE/USDT pair toward $0.000012.
However, sellers may emerge at that level, but if bulls manage to push through, the rally could extend to $0.000015, setting the stage for a significant breakout. On the flip side, if bears regain control and push the price below the 50-day SMA, Pepe could drop to $0.000009, with further declines possible down to key support at $0.000006.
On the 4-hour chart, bulls have defended the 20-EMA, and the relative strength index (RSI) has turned positive, indicating that momentum is in their favor. If Pepe closes above the 50-SMA, there’s a good chance of a rally toward $0.000012-$0.000017.
Also Read: PEPE Coin Soars – 60-Day Correlation With Ethereum Hits 0.92, Igniting Investor Interest
Pepe Coin’s resurgence, driven by whale activity and growing investor confidence, has positioned it as a potential top performer this October. While risks remain, particularly if long-term holders start selling, the bullish momentum seems strong for now. Smart investors are eyeing Pepe’s price movements carefully, anticipating a potential 50% rally as the month unfolds.
As meme coins ride the wave of Bitcoin’s “Uptober” rally, all eyes are on Pepe to see if it can maintain this momentum and achieve new highs.
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.
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