Pepe Sees $800 Million Volume Surge – Are Whales Secretly Accumulating?
Introduction
The price of PEPE has dipped by 0.3% in the past 24 hours, with the meme token slipping back down to $0.00001732 as the crypto market gains by 1% today. This fall means that PEPE is now down by 6% in a week and by 26% in a month, although the Ethereum-based coin retains an impressive 1,300% increase in the past year.
Market Analysis
Despite its fall today, PEPE’s 24-hour trading volume stands at $800 million, marking a 20% lift from where it was only a couple of days ago. This suggests that it could be on the brink of a new rally, with data showing that some whales have begun accumulating the coin once again.
Whale Activity
According to Lookonchain data, one large trader withdrew 1 trillion PEPE (approximately $18.5 million) from Binance yesterday. This is significant as it seems to be the first big whale purchase of PEPE in several weeks, with last week seeing only transfers to exchanges.
Technical Analysis
PEPE’s chart today shows the coin hitting a bottom, implying that a resurgence is on its way. The coin’s relative strength index (purple) fell below 30 yesterday and has since returned to 50, while its 30-period moving average (orange) has flattened out in relation to the 200-period average (orange), a sign that the selling is likely to end soon.
Inauguration Effect
Some analysts have pointed out that, historically, alt seasons have followed US presidential inaugurations. With the inauguration of Donald Trump on Monday, PEPE could return to $0.000020 in the next few weeks.
Wall Street Pepe
PEPE remains 38% down from its ATH of $0.00002803 (set on December 9, 2024), so it’s possible that traders may turn away from the token in the coming weeks. Some may turn to newer alternatives, with several new presale coins looking very promising right now. One of them is Wall Street Pepe (WEPE), a new ERC-20 token that has raised a humongous $48.4 million in its ongoing sale.
Conclusion
In conclusion, PEPE’s recent fall could be a buying opportunity, with its 24-hour trading volume standing at $800 million and whale activity on the rise. The inauguration of Donald Trump on Monday could also lead to an alt season, with PEPE potentially returning to $0.000020 in the next few weeks. However, investors should be cautious and do their own research before making any decisions.
FAQs
Q: What is the current price of PEPE?
A: The current price of PEPE is $0.00001732.
Q: What is the 24-hour trading volume of PEPE?
A: The 24-hour trading volume of PEPE is $800 million.
Q: What is the percentage change in PEPE over the past week?
A: PEPE is down by 6% in the past week.
Q: What is the percentage change in PEPE over the past month?
A: PEPE is down by 26% in the past month.
Q: What is the all-time high price of PEPE?
A: The all-time high price of PEPE is $0.00002803, set on December 9, 2024.
Q: What is Wall Street Pepe (WEPE)?
A: Wall Street Pepe (WEPE) is a new ERC-20 token that has raised a humongous $48.4 million in its ongoing sale. It will be a trending intelligence platform, providing investors with real-time trading signals, up-to-date data, and exclusive tips and strategies.
