The Anticipated Rise in PEPE Price Following a $5M Token Purchase by a Cryptocurrency Whale
With the conclusion of the U.S Presidential Election, the broader cryptocurrency market has experienced a significant upsurge, attracting large sums of money in the process. Against this backdrop of positivity, an influential crypto investor known for profiting from meme-based coins has made a substantial investment in PEPE.
Significant Purchase of PEPE by a Cryptocurrency Whale
On 6 November 2024, data from TheDataNerd, a platform tracking whale transactions, showed that the wallet address “0x51C” transferred a substantial amount of 5.5 million USDT to Binance to purchase 535.81 billion PEPE tokens, amounting to $5.07 million.
Records indicate that prior to acquiring PEPE, this investor had attained profitable returns from investments in BRETT and TURBO meme tokens, garnering profits of $708k and $952k, respectively.
Moreover, the trading volume of PEPE notably surged by 32.36%, indicating increased involvement from whales and investors.
Given the current market conditions and heightened interest from prominent investors, PEPE presents a promising opportunity for portfolio expansion.
Technical Analysis and Key Levels for PEPE
As per the technical analysis provided by CryptoCrypto, PEPE displayed a bullish trend, hinting at a potential substantial upward movement. Currently, the coin has formed a bullish falling wedge pattern, suggesting a forthcoming breakout.
If PEPE manages to rally and close a daily candle above the $0.00000974 threshold, it could potentially surge by 40% to reach the $0.0000133 level in the near future.
At the time of this analysis, PEPE was trading above the 200 Exponential Moving Average (EMA) on the daily chart, indicating an upward trend.
Positive On-chain Metrics for PEPE
Additionally, on-chain metrics further reinforce the optimistic outlook for PEPE.
Currently, the significant liquidation levels are observed at $0.00000905 on the lower end and $0.00000979 on the higher side. According to data from Coinglass, traders appear to be highly leveraged at these points.
Furthermore, there has been a 40% increase in PEPE’s Open Interest. When combined with the upward trends in on-chain data, the surge in new positions reflects a strong belief in the future prospects of this meme coin.