Amid ongoing market turbulence, Pepe (PEPE), the world’s third-largest meme coin, is drawing significant interest from whales and traders. As of December 28, 2024, the broader cryptocurrency market, including heavyweights like Bitcoin, Ethereum, Solana, and PEPE, continues to face challenges. However, PEPE’s resilience is becoming increasingly evident.
Whale Acquires 1.42 Trillion PEPE Tokens
Recent data from Lookonchain, a prominent whale transaction tracker, revealed that a crypto whale who previously sold all his PEPE holdings for a staggering $11.7 million profit has re-entered the market. This whale repurchased a massive 1.42 trillion PEPE tokens, valued at $24.5 million, over the past six days.
Additionally, Coinglass reports significant exchange outflows totaling $40.86 million in PEPE tokens. Exchange outflows typically indicate that long-term holders are withdrawing assets, a move often associated with growing confidence in the asset’s future value and potential upward momentum.
This smart whale sold all his $PEPE during the market drop on Dec 19, making a total profit of $11.7M on $PEPE!
— Lookonchain (@lookonchain) December 27, 2024
Over the past 6 days, after the market decline, the whale accumulated 1.42T $PEPE($24.5M) again.
Address:https://t.co/hRajKVY14Rhttps://t.co/AbxrKcG4So pic.twitter.com/zBs91it2jh
Technical Analysis and Breakout Potential
PEPE has been consolidating within a narrow range between $0.0000167 and $0.0000195 for the past ten days. Analysts suggest that a decisive breakout above the $0.000020 mark could propel PEPE’s price by as much as 40%, targeting the $0.0000278 level. However, for this bullish scenario to unfold, coin must secure a daily close above the $0.000020 threshold.
Failure to breach this critical resistance could keep PEPE trading sideways or lead to a potential decline, as market sentiment remains fragile.
Current Market Dynamics
At press time, coin is trading around $0.000018, reflecting a 4.5% gain in the past 24 hours. Despite this rally, trading volume has dropped by 3.2%, highlighting reduced activity among traders as broader market sentiment shifts.
PEPE’s recent whale activity and strong outflows from exchanges underscore its growing appeal amid market uncertainty. While technical indicators suggest potential for a significant breakout, much will depend on whether coin can sustain its bullish momentum above critical resistance levels. Traders and investors will likely keep a close watch as this meme coin navigates its next moves in a challenging market landscape.
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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