PEPE continues its rally despite whale selloff
Release: 2024/12/09 15:38 Reading: 674
Pepe, a token inspired by the 2000s meme "Pepe the Frog," experienced a significant whale selloff on December 8th. Despite this, the asset continued its upward trajectory.
Pepe (PEPE) reached an intraday high of $0.000027 on Monday, setting a new all-time high and marking an increase of approximately 2000% since the beginning of the year, making it one of the top-performing assets. The altcoin's market capitalization surpassed $11.37 billion, with the recent rally extending PEPE's monthly gains to 157%.
According to data from IntoTheBlock, Pepe's large holder net flows shifted from a net inflow of 1.03 billion PEPE (approximately $22.66 million) on December 6th to a net outflow of 1.96 trillion PEPE (over $50.9 million) on December 8th.
Despite this whale selloff, PEPE has maintained an upward momentum, recording a 27.3% price increase over the past week.
The surge in PEPE's price has been attributed to a surprise feature on Fox News, which cited the meme coin as a potential investment alongside Bitcoin. Additionally, retail investors have flocked to buy PEPE following its listing on Coinbase and Robinhood.
Short-term PEPE holders have also surged by 263% over the last 30 days, reaching 80,450 unique addresses, further contributing to the price increase.
Analysts expect a continued rally in PEPE's price after identifying bullish patterns on its daily chart. Captain Faibik and Chandler Bing predict a price target of $0.000031, representing a 19% increase from current levels.
The bullish sentiment is supported by technical indicators such as the MACD line crossing above the signal line and the Average Directional Index exceeding the 25 threshold.
However, it is important to note that the recent rally has brought 97.6% of PEPE holders into profit, which could lead to potential sell-offs.
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