Amid ongoing market uncertainty, Pepe (PEPE), the world’s third largest crypto meme coin, is receiving significant attention from whales and traders. As of today, December 28, 2024, the overall cryptocurrency market appears to be struggling, including major assets like Bitcoin, Ethereum, Solana, and PEPE.
PEPE Whale has bought 1.42 trillion meme coins
Despite these issues, whales and traders are starting to show interest and confidence in the token, as reported by on-chain analytics company Coinglass and whale transaction tracker Lookonchain.
Recently, Lookonchain posted on has repurchased.
However, this substantial accumulation of meme coins has occurred over six days, indicating an ideal buy-the-dip opportunity. In addition to this whale acquisition, PEPE spot inflows/outflows data revealed that the exchanges have witnessed significant outflows of PEPE worth $40.86 million. This suggests that long-term holders are withdrawing tokens from exchanges.
Outflow is one statistics in the chain this signals the withdrawal of long-term bonds from the stock markets, often signaling potential upside momentum and increased buying pressure.
PEPE Technical analysis and upcoming level
According to expert technical analysis, PEPE consolidated within a tight range between $0.0000167 and $0.0000195 over the past ten days. However, a breakout from this consolidation could significantly boost the meme coin.
PEPE price forecast
Based on recent price action, if PEPE breaks this consolidation zone and closes a daily candle above the $0.000020 level, there is a strong possibility that it could rise by 40% to reach the $0.0000278 mark in the future.
PEPE’s bullish thesis will only hold if it closes a daily candle above the $0.000020 level; otherwise, it could fail to gain upward momentum.
Current price momentum
At the time of writing, PEPE is trading around $0.000018 and has seen a price increase of over 4.5% in the last 24 hours. Over the same period, trading volume fell by a modest 3.2%, indicating reduced participation from traders and investors against the backdrop of a shift in market sentiment.