Pepe still following upward trajectory despite major selloffs
Release: 2024/12/09 20:54 Reading: 501
Surge in PEPE Token Amidst Recent Whale Selloff
In the current market scenario, the PEPE token has witnessed a significant increase of 27.3% over the past week. This strong performance indicates that the recent whale selloff has not adversely impacted the token's value.
The token has garnered investor attention since its featured appearance on Fox News, an American news network. Coinglass data reveals that Pepe's Open Interest has reached a new high of $370.8 million, representing a 9% surge within the last 24 hours.
Robust Growth Despite Whale Activity
Despite a substantial whale selloff on December 8th, Pepe has demonstrated resilience, maintaining an upward price trajectory. On December 9th, the token reached an intraday high of $0.000027, setting a new all-time high and marking an impressive 2000% increase since early 2024.
This surge has propelled Pepe to become a top-performing asset in the market. Its market capitalization currently stands at over $11.37 billion, with the latest rally contributing to monthly gains of approximately 157%.
Data Insights
According to IntoTheBlock, a real-time crypto market data provider, large holder net inflows of 1.03 billion Pepe (equivalent to $22.66 million) have recently transformed into a net outflow of approximately 1.96 trillion Pepe ($50.9 million), as of December 8th.
Historically, whale sell-offs can trigger panic and price declines. However, PEPE's recent performance suggests that this has not been the case.
Investor Interest Fueled by Media Exposure and Exchange Listings
Since its appearance on Fox News, investors have been keeping a close eye on Pepe. Additionally, the listing of the token on major exchanges such as Coinbase and Robinhood has attracted retail investors looking to capitalize on its growth potential.
IntoTheBlock data indicates a rise in short-term traders by 263% over the past 30 days, with 80,450 unique addresses driving the price surge.
Bullish Expectations and Potential Rally
Industry analysts anticipate further price gains for Pepe based on bullish technical indicators. Captain Daivik predicts that Pepe could break out of a symmetrical triangle pattern, potentially pushing its value to $0.000031 in the near term, representing an approximately 19% increase from current levels.
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