Will PEPE’s 15% Rally Lead to a Breakout or a Downturn?
The post Will PEPE’s 15% Rally Lead to a Breakout or a Downturn? appeared on BitcoinEthereumNews.com.
The memecoin PEPE surged by over 14.78%, rising from $0.00001008 to $0.00001157. PEPE’s smart money deposited 407.74 billion tokens valued at $4.27 million into Binance at break-even. In the ongoing bearish phase for the cryptocurrency market, Bitcoin (BTC) has plummeted to a monthly low of $64,000, triggering a ripple effect among major altcoins. However, the crypto market displayed a glimmer of positivity today, particularly within the memecoin sector, where certain tokens are showing significant recovery. A standout in this memecoin trend is the frog-themed Pepe Coin (PEPE), which has shown a notable surge. Over the last 24 hours, PEPE’s price has increased by approximately 14.78%, rising from $0.00001008 to $0.00001157. This surge is reflected in its market cap, which now stands at $4.89 billion, and a daily trading volume of $1 billion, marking a three-day streak of substantial trading activity. For the past two weeks, the memecoin has been in a correction phase, trading within the range of $0.00001087 to $0.0000143. Whale Alert: Significant PEPE Transaction Following this correction, recent on-chain data from Whale Alert revealed a significant transaction on June 18. An anonymous address (0x835678a6) transferred 1.15 trillion PEPE, valued at $12.34 million, to Binance. This influx brought considerable selling pressure to the market. Additionally, data from Lookonchain indicates that a major whale deposited 407.74 billion PEPE tokens, worth around $4.27 million, into Binance at a break-even price on the same day. This suggests substantial market movements but hasn’t dampened investor confidence, as evidenced by PEPE’s price change and upward trajectory. However, PEPE has maintained its position above the simple moving average (SMA), signaling a potential continuation of its bullish pattern. If this pattern persists, crypto could experience further gains, possibly rallying 30–33% to challenge its recent all-time high of $0.00001718. Conversely, if the coin were to break below…
Filed under: News - @ June 19, 2024 1:28 pm