Amid ongoing market uncertainty, Pepe (PEPE), the world’s third-largest meme cryptocurrency, is attracting significant attention from whales and traders. As of today, December 28, 2024, the entire cryptocurrency market, including major assets such as Bitcoin, Ethereum, Solana and PEPE, is experiencing difficulties.
PEPE Whale Acquires $1.42 Trillion Meme Coin
Despite these difficulties, whales and traders have begun to show interest and confidence in the token, according to analytics company Coinglass and whale transaction tracker Lookonchain.
Lookonchain recently posted on X (formerly Twitter) that the crypto whale, which had previously sold all of its PEPE holdings for a profit of $11.7 million, had bought back a significant $1.42 trillion of PEPE worth $24.5 million amid the market decline. .
This smart whale sold all of his $PEPE during the December 19th market crash, making a total $PEPE profit of $11.7 million!
Over the past 6 days, after the market fell, the whale again accumulated $1.42 trillion in PEPE ($24.5 million).
Address: https://t.co/hRajKVY14R https://t.co/AbxrKcG4So pic.twitter.com/zBs91it2jh
— Lookonchain (@lookonchain) December 27, 2024
However, this significant accumulation of meme coins occurred over a six-day period, signaling an ideal opportunity to buy on the dip. In addition to this whale acquisition, spot PEPE inflow/outflow data showed that exchanges witnessed significant PEPE outflows amounting to $40.86 million. This suggests that long-term holders are withdrawing tokens from exchanges.
Churn is an on-chain metric that indicates the withdrawal of long-term holders from exchanges, often signaling potential growth momentum and increased buying pressure.
PEPE Technical Analysis and Upcoming Level
According to expert technical analysis, PEPE has been consolidating in a narrow range between $0.0000167 and $0.0000195 over the past ten days. However, a breakout of this consolidation could propel the meme coin significantly.
PEPE Price Forecast
Based on the recent price action, if PEPE breaks out of this consolidation zone and closes the daily candle above the $0.000020 level, there is a strong possibility that it could skyrocket 40% to reach $0.0000278 in the future.
The bullish PEPE thesis will only remain valid if it closes the daily candle above the $0.000020 level; otherwise, it may not gain upward momentum.
Current price momentum
At the time of publication, PEPE is trading around the $0.000018 mark and has risen over 4.5% in the last 24 hours. Over the same period, trading volume fell a modest 3.2%, indicating lower participation by traders and investors amid changing market sentiment.
