Amid ongoing market uncertainty, Pepe (PEPE), the world’s third-largest crypto meme coin, is gaining 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.
Despite these struggles, whales and traders have begun showing interest and confidence in the token, as reported by the on-chain analytics firm Coinglass and the whale transactions tracker Lookonchain.
Recently, Lookonchain posted on X (formerly Twitter) that a crypto whale, who had previously sold all of his PEPE holdings for a profit of $11.7 million, has repurchased a significant 1.42 trillion PEPE worth $24.5 million amid the market dip.
However, this substantial meme coin accumulation has occurred over six days, signaling an ideal buy-the-dip opportunity. In addition to this whale acquisition, PEPE spot inflow/outflow data revealed that exchanges have witnessed a significant outflow of $40.86 million worth of PEPE. This suggests that long-term holders are withdrawing tokens from exchanges.
Outflow is an on-chain metric that indicates long-term holders’ withdrawals from exchanges, often signaling potential upside momentum and increased buying pressure.
According to expert technical analysis, PEPE has been consolidating within a tight range between $0.0000167 and $0.0000195 over the past ten days. However, a breakout from this consolidation could propel the meme coin significantly.
Based on recent price action, if PEPE breaches this consolidation zone and closes a daily candle above the $0.000020 level, there is a strong possibility it could soar by 40% to reach the $0.0000278 mark in the future.
PEPE’s bullish thesis will remain valid only if it closes a daily candle above the $0.000020 level; otherwise, it may fail to gain upward momentum.
At press time, PEPE is trading near the $0.000018 mark and has experienced a price rally of over 4.5% in the past 24 hours. During the same period, its trading volume declined by a modest 3.2%, indicating reduced participation from traders and investors amid a shift in market sentiment.
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