A Pepe Coin whale amassed 9 trillion coins, starting speculation of a potential PEPE price breakout. Besides, a recent analysis suggests a potential rally of 260%.
Investors are currently focusing on a recent monster transaction in Pepe Coin, which has resulted in a 1% increase in the price of PEPE. According to reports, a whale has acquired a substantial quantity of the cryptocurrency, indicating a growing level of confidence in the foremost meme coin. Considering the increasing market interest, this action has prompted speculation regarding the potential for a crypto breakout.
Pepe Coin Whale Bags nine trillion coins
The top on-chain transaction monitoring platform, Whale Alert, reported that an unknown whale transferred 9 trillion PEPE from Bybit, one of the most prominent crypto exchanges. The transaction, valued at over $64.55 million, is conducted by the wallet address “0x88a…3Ade3,” demonstrating a high confidence level in the meme coin.
This considerable accumulation has captivated the attention of crypto market enthusiasts, igniting rumors of a potential price surge. In addition, the whale’s daring action indicates that the market is becoming increasingly optimistic, with many interpreting it as a sign of rekindled investor confidence in the potential of the leading meme coin.
In the interim, market analysts are closely monitoring the cryptocurrency’s price action in response to this significant shift. Furthermore, many market observers are evaluating this substantial whale move as a potential catalyst for a price breakout.
Is PEPE Coin Price Surge Possible?
The sentiment regarding the foremost meme coin has recently diminished, particularly since the end of May this year, when the crypto reached an all-time high of $0.00001718. Furthermore, meme coin’s performance was also affected by the most recent tumultuous scenario in the crypto market and the broader financial sector.
The PEPE price was up 0.93% to $0.000007298 at the time of writing, and its trading volume increased by 45% to $521.55 million. The cryptocurrency has experienced a high of $0.000007512 and a low of $0.000006896 in the past 24 hours, suggesting a highly volatile trading environment. Additionally, CoinGlass data revealed that the Futures Open Interest of crypto declined by 6.46% to $81.14 million, suggesting that a bearish sentiment continues to permeate the market.
Nevertheless, the most recent price analysis of Pepe Coin revealed that a bullish signal appeared on the crypto’s weekly chart, which could potentially lead to a 260% price increase. Additionally, it demonstrated that the dominant meme coin had experienced a 1600% increase in value within 98 days since the last time the signal was detected. It is important to note that the meme coin has the potential to reach a new high of $0.00001872 if it can overcome major resistance, as per the analysis.
