Whale Activity and Exchange Outflow Signal Bullish Future for Pepe coin
Pepe coin (PEPE), the self-proclaimed king of meme coins and current bronze medalist in the meme coin olympics, has seen a recent price dip. However, don’t let that fool you. On-chain data suggests a potential 45% price surge on the horizon, fueled by ongoing whale activity and a decrease in exchange supply.
Whales Accumulate Pepe, Exchange Holdings Drop
Despite a 27% retreat from its 2024 high, Pepe is still boasting a market cap exceeding $7.8 billion. Interestingly, data from Nansen, a leading analytics platform, reveals a 1.46% decrease in Pepe coins held on exchanges over the past week. This translates to roughly 239.84 trillion PEPE currently residing on centralized exchanges, representing approximately 57% of the total supply.
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Binance, Bybit, OKX, Crypto.com, and Robinhood appear to be the primary custodians of these exchange-held PEPE. Additionally, Nansen data confirms a positive development – a $9.19 million outflow of Pepe from exchanges within the last 24 hours. This outflow signifies a potential shift in investor sentiment, with holders opting to hold their PEPE for the long term.
Whales Making Big Splashes
While exchange holdings decrease, on-chain data paints a picture of whales actively accumulating Pepe. A recent whale sighting involved a purchase exceeding $2.7 million worth of PEPE, demonstrating a significant vote of confidence in the meme coin’s future. Another whale made waves by transferring nearly $1 million worth of PEPE away from Binance, further reducing exchange exposure.
Read more: Pepe Coin Could Explode 500% After Whale’s $3M Mega-Dump!
Trading Volume Paints a Promising Picture
Pepe’s trading volume adds another layer of optimism. With a 24-hour volume of $2.9 billion, Pepe trails only the mighty Dogecoin (DOGE) in the meme coin volume race. This substantial trading activity suggests sustained interest in Pepe within the cryptocurrency market.
Technical Analysis Hints at Bullish Breakout
From a technical standpoint, Pepe appears poised for a potential breakout. The chart suggests a completed “break and retest” pattern, a bullish indicator where a price surpasses a key resistance level and then revisits it for confirmation. In Pepe’s case, the support level retested was $0.0000172, aligning with its March 2024 peak and the upper boundary of its cup and handle pattern.
Read more:Pepe coin Watch: A $2.7 Million PEPE Dump Shakes the Market!
By analyzing the depth of the cup, technical analysts estimate a potential price target of $0.000028 for Pepe, representing a 45% surge from its current price. The presence of a falling wedge chart pattern and a small morning star formation further bolsters the bullish case. These patterns typically signal a potential bullish breakout in the coming weeks.
The Road Ahead for Pepe
While a 45% price hike is an alluring prospect, it’s crucial to maintain a cautious approach. The initial target for Pepe’s potential breakout is the year-to-date high of $0.000025, followed by a retest of the $0.0000172 support level.
Despite the recent dip, Pepe’s combination of decreasing exchange holdings, significant whale activity, impressive trading volume, and promising technical indicators suggests that the “king of meme coins” might just be gearing up for a royal comeback.
