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PEPE coin has staged a remarkable 10% price rally today, trading at $0.00000869 as of the latest update. This surge comes amid a broader recovery in the memecoin sector, with Dogecoin (DOGE) and Shiba Inu (SHIB) also registering gains of 5-10%. PEPE’s market cap currently stands at $3.75 billion, positioning it as a top contender in the meme coin space.
Whale Accumulation Sparks Bullish Sentiment
Whale activity has been a significant driver behind PEPE’s recent price surge. Over the past week, a prominent whale entity has strategically accumulated nearly 2 trillion PEPE coins from the open market. On April 30, this whale withdrew 1.5 trillion PEPE tokens worth $147 million from Binance, followed by an additional 500 billion tokens earlier today.
This whale just bought 500B $PEPE($4.36M) again and currently holds 2T $PEPE($17.42M).https://t.co/lj4QaP0DUW pic.twitter.com/sx7hOqkcKG
— Lookonchain (@lookonchain) May 8, 2025
Additionally, CoinGlass data reveals a 6.6% rise in PEPE’s open interest, now exceeding $434 million, signaling heightened trader interest in the asset. Furthermore, PEPE’s 24-hour liquidations have surged to $1.57 million, with $1.45 million occurring in short liquidations as traders betting against PEPE were caught off guard by the rally.
Also Read: PEPE Coin (PEPE) Sets Sights on $0.00001465 as Whale Holdings Surge by 24 Trillion
Technical Analysis: Cup and Handle Pattern Signals Potential Upside
From a technical perspective, PEPE has formed a bullish engulfing candle, completing a morning star pattern that typically indicates a trend reversal. The coin has also broken past the 23.60% Fibonacci retracement level at $0.00000823, now targeting the $0.0000090 resistance.
Additionally, the emergence of a cup and handle pattern suggests further upside potential. A confirmed daily close above the neckline could validate a breakout, pushing PEPE toward the $0.00001465 level, aligning with the 61.80% Fibonacci level. Meanwhile, the Supertrend Indicator remains bullish, while the MACD is on the verge of a crossover, indicating a resurgence in buying momentum. If PEPE fails to break the neckline, it may retest the $0.0000075 support level.
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.
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
