Pepe (PEPE) is making waves in crypto today, climbing up 21.06% in just 24 hours. The meme coin stands out as today’s biggest gainer, while trading picked up steam too, jumping by 137.38%. Market watchers and blockchain data help explain what’s pushing this rise.
LookOnChain, an onchain analysis platform, revealed heightened whale activity as a contributing factor to PEPE’s price rally. They shared on X (formerly Twitter) that two wallets, possibly controlled by the same entity, collectively spent 4.89 million USDC to acquire 190.14 billion PEPE at an average price of $0.00002572. This large-scale accumulation indicates substantial interest from high-net-worth investors, which often bolsters market sentiment and liquidity.
The whale purchases were executed within the last six hours, adding to the cryptocurrency’s immediate price momentum. Such activity can often trigger FOMO (fear of missing out) among retail traders, further amplifying buying pressure.
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Pepe Chart Analysis: Cup and Handle Pattern Signals Potential Breakout
The price of PEPE recently reached an all-time high (ATH) of 0.00002695, with top analysts Plazma, identifying a cup and handle pattern in its chart. This bullish pattern typically precedes a breakout, where prices might rise sharply.
The PEPE chart shows a rounded bottom (the “cup”) followed by a brief consolidation phase (the “handle”), suggesting a potential continuation of upward movement. Plazma notes that this pattern, if confirmed, could lead to price increases ranging between three and ten times its current value.
Key support zones include the base of the cup and the lower boundary of the handle, while the ATH serves as a resistance level. Trading volume, a critical indicator during breakouts, has also increased sharply, further supporting the bullish outlook for PEPE.
Trading Volume Surpasses Key Competitors
Prominent analyst Chandler Bing highlighted PEPE’s growing influence in the market, noting its ranking as the fifth most traded cryptocurrency excluding stablecoins. On X, Bing emphasized that PEPE’s 24-hour trading volume is nearly three times higher than that of $SHIB, a popular meme token. This increased trading activity reflects the growing interest and engagement around PEPE, positioning it as a contender among leading cryptocurrencies in the market.
The rise in trading volume, coupled with technical patterns and whale activity, underscores PEPE’s price strengthening market presence. As the cryptocurrency continues to attract attention, its short-term trajectory will likely depend on whether it can sustain its breakout and maintain trading momentum.
Read Also: Ripple Whales Accumulate During Price Correction as XRP Price Rebounds
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