PEPE Coin Price Rally: Trader Gains $5M in 8 Days as Memecoin Popularity Grows
Release: 2024/11/14 13:21 Reading: 607
Pepe (PEPE): A Leading Meme Coin with Whales Driving Price Surge
Pepe (PEPE) has emerged as a prominent meme coin, drawing significant attention. According to Spot On Chain, a whale recently deposited 52.62 billion PEPE (worth $10.03 million) into Binance, netting a $5.04 million profit (97%) in just eight days. Following Coinbase's listing announcement, PEPE's value jumped 61% within 24 hours. Notably, the whale could have realized a profit of $6.68 million had they held the asset slightly longer.
Whale Activity Catapulting PEPE's Price
Large-scale transactions involving PEPE have skyrocketed, as indicated by IntoTheBlock data, with a spike from 100 to over 1,020 in a week. Whale inflows have increased by 104% and 195% over the past week and month, respectively, demonstrating strong investor confidence. On-chain analyst @ai_9684xtpa reported a whale transferring 500 billion PEPE tokens (valued at $11.17 million) to Coinbase, likely anticipating a potential $10.52 million profit. The whale holds additional assets with a floating profit of $35.26 million and a return rate of 1,811%.
Analysts and Technical Indicators Anticipate Potential Growth
Crypto analyst Max anticipates PEPE may soon embark on a growth phase, citing patterns in the PEPE/BTC pair akin to those observed in early 2024. Technical indicators also hint at possible price action. For example, PEPE's Relative Strength Index (RSI) exceeds 70, indicating overbought conditions that could trigger a rally or a pullback. TradingView data shows PEPE trading above both its 10-day Exponential Moving Average (EMA) of $0.0000112 and 30-day EMA of $0.0000101, reflecting a 60% weekly gain, ranging from $0.00000819 to $0.000013.
The Future of Meme Coins
With PEPE's impressive performance spurred by major exchange listings and whale activity, the focus shifts to which other meme coins may experience similar momentum.
Can PEPE Reach $1?
Current market conditions and price projections suggest that PEPE is unlikely to reach $1 in the immediate future.
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