Pepe [PEPE], the third largest meme-based cryptocurrency in the world, has attracted the attention of large investors despite its price remaining relatively stable.
Major Buyer Snaps Up 337 Billion PEPE
On the 4th of December 2024, the whale tracking platform Lookonchain announced on X (formerly referred to as Twitter) that a large wallet holder, identified by the address 0x698, had withdrawn a staggering 337.09 billion PEPE tokens from Binance, totaling $6.92 million.
Lookonchain reported that this significant acquisition took place over the span of the last twenty days while PEPE was experiencing a period of consolidation.
$346.5 million Leaves PEPE Ecosystem
Since entering its consolidation phase, both whales and investors have displayed notable interest and confidence in PEPE, as per data from the analytics firm Coinglass.
Data on PEPE’s inflow and outflow reveals a net outflow of $346.40 million in PEPE tokens from exchanges during this period.
The outflow metric is crucial as it indicates that large investors have withdrawn their holdings from exchanges, signaling a potential buying opportunity.
Moreover, this move decreases the likelihood of downward pressure and hints at a possible uptrend in the near future.
Furthermore, significant liquidation levels are identified at $0.00002011 and $0.00002137, showing that traders are heavily leveraged at these points.
Technical Evaluation and Key Levels
As per CryptoCrypto’s technical assessment, PEPE has formed a bullish flag-and-pole pattern on the daily chart and is currently struggling to break out of it.
Based on recent price movements and past trends, a breakout above $0.0000235 followed by a daily close could potentially drive PEPE up by 50% to $0.000035 in the near term.
The Relative Strength Index (RSI) for PEPE is at 60, indicating that the cryptocurrency is not overbought and still has room for further upward movement.
At the moment, PEPE is trading around $0.00002068, showing a price increase of more than 2.5% in the last 24 hours.
Simultaneously, trading volume during this same period has risen by 6.5%, signaling increased engagement from traders and investors compared to the previous day.