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Pepe (PEPE) price marked an all-time high (ATH) last month, and since then, the meme coin has noted mostly correction.
However, based on the actions of the whales, the frog meme-inspired cryptocurrency will once again see new ATH.
What Did PEPE Whales Do?
Pepe prices have been observed to have a lot of influence from whale addresses since they tend to hold the majority of the circulating supply. This is both a boon and a bane since they dictate the price action for the rest of the investors.
At present, their dominance is a boon since, in the past couple of days, these whales have been adding more and more tokens to their wallets. The large wallet holders bought over 4 trillion PEPE worth over $20 million in the last ten days alone.
Given how fragile meme coins’ stability is, if these investors pour millions of dollars, they most likely expect the price to increase.
Read More: Pepe: A Comprehensive Guide to What It Is and How It Works
Their bullish sentiment is further substantiated by the retail investors who are currently exhibiting conviction. Generally, most of the supply in the hands of short-term holders is considered a bearish sign. This is because these investors hold their supply for less than a month, inciting selling.
However, in the case of PEPE, their behavior is significantly different. Overselling, these investors have opted to continue HODLing their holdings, resulting in the transfer of tokens to the mid-term holders.
Since mid-term holders tend to refrain from selling for at least 12 months, there is a chance that the PEPE price could recover.
PEPE Price Prediction: The Frog Might Jump by 60%
At the time of writing, the PEPE price is moving within a descending wedge, trading at $0.00000511. Also known as a falling wedge, this bullish reversal pattern is characterized by a narrowing price range with declining highs and lows, suggesting a potential upward breakout.
Based on this pattern and the bullish cues from investors, the target is set 60% above the breakout point of $0.00000633 after a potential breakout. This would result in the meme coin not only crossing the $0.00001000 mark but also establishing new all-time highs.
Read More: Pepe (PEPE) Price Prediction 2024/2025/2030
However, if the PEPE price breaks down before it can break out and loses the support of $0.00000474, it would invalidate the bearish thesis. Consequently, the frog meme token would end up falling below $0.00000400.