Whales Bet Big on Pepe Coin
The price of Pepe Coin (PEPE) has seen remarkable growth in recent days, fueled by significant accumulation from the market’s most influential investors. Technical indicators are also extremely encouraging, suggesting potential for a sustainable rebound for this iconic memecoin.
Pepe Coin has reached $0.0000138, its highest level since July 11, representing a 60% increase from its June low. This performance is driven by the massive influx of “whales,” those savvy investors holding substantial volumes of crypto.
According to Nansen data, whales have increased their holdings by 11.8% over the past 30 days, now owning more than 9.19 trillion tokens, up from 8.18 trillion in mid-June. This sustained accumulation by strong hands is generally viewed as an extremely bullish signal in the crypto market.
Simultaneously, institutional investors have also strengthened their exposure to Pepe Coin, increasing their positions from 183.8 to 185 billion coins. Meanwhile, reserves on exchange platforms have decreased, indicating tokens being withdrawn from the market.
A 300% Surge on the Horizon ?
Beyond fundamentals, the technical analysis of Pepe Coin’s price is also highly promising. The token has recently formed a cup and handle pattern.
While PEPE might remain capped below 0.000014 in the coming days, the medium-term outlook is extremely bullish for this Ethereum-based memecoin. PEPE has broken through its biggest liquidity wall on higher timeframes. The Volume Profile indicates low liquidity above $0.000015, which could allow PEPE to accelerate upward.
The token could therefore reach its previous peak at 0.000024 in the coming weeks. Subsequently, it might climb to 0.000056, representing a potential increase of 300% in the coming months.
Additionally, the token has formed a “golden cross” configuration, a powerful buy signal that occurs when the 50-day and 200-day moving averages cross upward.
These technical elements suggest potential for sustained growth for Pepe Coin in the coming months. Only a decline below the support at $0.000011 would challenge this optimistic outlook.
