Can PEPE Maintain Its Bullish Momentum Amidst Increasing Whale Activity?

The Pepe (PEPE) coin took a massive leap in value with a jump of over 60%. This sharp price increase has been accompanied by a wave of profit-taking by large holders, causing massive sales and profits in the ecosystem.

Concurrently, PEPE’s bullish momentum has had the upper hand, with the price up 35% at press time, trading at $0.000002842. During the rally, PEPE’s market capitalization and 24-hour trading volume surged by 35% and 78.52%, respectively, to $1.2 billion and $1.45 billion.

PEPE Whales Take Advantage

This surge in the price has witnessed six wallets disposing of 1.98 trillion PEPE, worth about $4.37 million, taking around $2 million in profits. This action highlights the tactical play of these investors, letting the coin’s momentum reap hefty profits.

Within these transactions, one of the two notable wallets that had remained idle for more than 650 days withdrew a massive 1.03 trillion PEPE from Binance just before the price hike, making an unrealized profit of $1.34 million which represents an increase of 95.3% in less than three days.

The spike in PEPE’s valuation has brought attention to the coin’s resilience and further emphasized the more significant market forces that influence meme coins. However, the trading activity around PEPE distinguishes it, especially in comparison to other successful meme-based cryptocurrencies. The upsurge of this price has made the PEPE approach levels of resistance that were unreachable before, indicating the possibility of additional growth.

Active Wallets and Transaction Spikes

There is a surge in the number of active wallet addresses of the PEPE network, with an 85% increment in interactions in just four days of the last week, as reported by Coin Edition.

Furthermore, just the last 24 hours have experienced an increase of 60% in activity. The high level of activity is reflected in the number of significant PEPE coin transactions over $500,000 and $1 million, which helps the day to register an impressive price rise.

PEPE/USD Technical Analysis

The Keltner Channel moves upwards on the PEPE/USD price chart, with the upper, middle, and lower bands touching $0.00000249, $0.00000206, and $0.00000162, respectively. This KC trend indicates bullish solid momentum in the market, with the price likely to continue its upward trajectory. Traders may enter long positions to take advantage of this trend and potentially profit from the price increase.

PEPE/USD 4-hour price chart (source: TradingView)

However, with the candlesticks above the upper hand, there is a possibility of overbought conditions, so traders must monitor the situation closely and consider setting stop-loss orders to manage risk effectively.

The Moving Average Convergence Divergence (MACD) motion in the positive region also supports the bullish trend, further confirming the potential for continued price growth. With a rating of 0.00000038 and a histogram trend showing a steady increase, traders may have confidence in the strength of the bullish momentum.