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TL;DR
- PEPE has fallen out of people’s scope in recent months due to the declining interest in meme coins, but there’s a compelling development involving the token, according to Lookonchain.
- Following a double-digit price resurgence over the past week, analysts are eyeing a further recovery due to the formation of a W pattern.
5 wallets spent $4.28M to buy 611B $PEPE in the past 8 hours.
All 5 wallets withdrew $ETH from #Tornado ~15 days ago—possibly linked to a hacker.
Are hackers buying $PEPE?
Address:
0x5D058264e34e27eE1b4f852216Dc4AFC7c320e25
0x53abA3F792d6c8097a7169C8916B1C3f7975f5ed… pic.twitter.com/8yUdFsUBVA— Lookonchain (@lookonchain) April 16, 2025
Lookonchain informed that five wallets had spent nearly $4.3 million in the span of just 8 hours to accumulate more than 610 billion PEPE tokens. Interestingly, the on-chain analytics tool said the addresses withdrew ETH from Tornado Cash, which is typically used by fraudsters and hackers to mix funds, two weeks ago.
PEPE, currently the third-largest meme coin with a market cap of roughly $3 billion, was among the biggest price gainers after the US elections, skyrocketing from $0.00001 to an all-time high of $0.000028 in early December amid growing user adoption as well as a large number of exchanges listing it.
Its price, alongside the rest of the meme coin niche, has experienced a severe downfall, currently trading 75% away from the peak even though it’s up by 13% on a weekly scale.
Moreover, its popularity took a hit after the launch of Donald Trump’s TRUMP meme coin, which had surpassed PEPE in terms of market cap after its release, and FARTCOIN, which has registered massive gains lately.
After several painful months, though, analysts have become bullish on the asset’s future price trajectory. BOBO informed that PEPE has printed a ‘clear double bottom “W” pattern across multiple lows,’ which could suggest a major trend reversal if it clears the significant resistance at $0.000009 – 25% away from the price today ($0.0000071).
Remember when everyone was hyped about $PEPE?
On the higher time frame, $PEPE has now landed on weekly support — and it’s printing a clear double bottom “W” pattern across multiple lows
If price can break out from here, it could confirm a major trend reversal. That would be… pic.twitter.com/4eHxhI3rwM
— BOBO (@BOBOObtc) April 15, 2025
Bitcoinsensus noted that PEPE moves in mini cycles, and the next one to the upside is expected in August 2025. The analyst set a target of $0.00009, which would mean a mindblowing surge of over 1,100% from current levels.
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