The popular memecoin Pepe (PEPE) has caught the attention of crypto traders and investors after an impressive 80% surge over the past five days. The sudden price rally has allowed PEPE to breach multiple resistance levels, reaching $0.000015, a zone historically marked by selling pressure. Despite potential downside risks, investor sentiment appears increasingly bullish, driven by rising whale activity and increased retail participation.
Whale Interest in PEPE Reaches New Highs
According to data from IntoTheBlock, whale activity in PEPE has soared, suggesting growing confidence in the memecoin’s bullish momentum. Transactions ranging from $1 million to $10 million have spiked by a staggering 750%, while those between $100,000 and $1 million have increased by 177.94%. Smaller transactions ranging from $10,000 to $100,000 have also jumped by 173.93%. This heightened whale interest could indicate that institutional players are betting on further upside potential, expecting PEPE to break its current resistance and target higher price levels.
Traders Bet Big on PEPE Amid Bullish Sentiment
PEPE’s rally has also attracted speculative interest from traders. Blockchain transaction tracker Lookonchain recently reported that a prominent crypto whale switched from a long position in TRUMP to a 10x long position in PEPE, amassing an unrealized profit of $81,000. This shift underscores the growing bullish sentiment surrounding PEPE, as traders anticipate a continuation of its upward trajectory. Meanwhile, trading volume for the memecoin has surged by 40% over the past 24 hours, further reflecting heightened market interest.
A whale went long on $TRUMP 2 hours ago but quickly closed the position and got partially liquidated due to the sharp drop in $TRUMP.
— Lookonchain (@lookonchain) May 11, 2025
He then opened a new 10x long on $PEPE and is now sitting on an unrealized profit of $81K.https://t.co/HsCg8XZpA1 pic.twitter.com/RJvLVMYPTY
At the time of writing, PEPE’s Relative Strength Index (RSI) stands at 85.40, placing it in the overbought zone. If the memecoin manages to close a daily candle above the $0.0000155 level, analysts suggest it could climb another 38% to test the next resistance at $0.00002140. However, given the current RSI levels, a price correction may also be on the horizon.
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.
Also Read: PEPE Price Breakout: 90% Surge Puts $0.000020 in Sight as Bullish Momentum Builds
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