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PEPE price could soar by 20% to the $0.000009 level and even more if it holds the current support level.
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A fresh wallet purchased 292.97 billion tokens worth $2.17 million from Binance.
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PEPE’s open interest has dropped by 2% in the past hour, while up by 1.7% in the last 24 hours.
Pepe (PEPE), the popular and third-biggest meme coin, looks poised to skyrocket as a fresh whale buys billions of tokens. On September 02, 2024, an on-chain analytic firm lookonchain made a post on X (previously Twitter) that a whale had purchased 292.97 billion tokens worth $2.17 million from Binance following the opening bell of the US stock market.
Whales’ Big Bet on PEPE
This significant PEPE purchase suggests a prime buying opportunity, as it occurred near a crucial support level of $0.0000071. Besides PEPE, this whale had also made a substantial bet on Floki (FLOKI) and WorldCoin (WLD). According to data, the whale purchased over 4.28 billion FLOKI worth $511,500 and 2.273 million WLD tokens worth $391,000.
However, we might see some similar kind of price surge this time. If this happens, the PEPE price could soar by 20% to the $0.000009 level and even more. Meanwhile, its Relative Strength Index (RSI) is in oversold territory, indicating a potential trend reversal in the coming days.
PEPE Price Performance
At press time, PEPE is trading near the $0.00000747 level and has experienced a modest 0.3% upside move in the last 24 hours. Meanwhile, its open interest has dropped by 2% in the past hour, while up by 1.7% in the last 24 hours. This rise in open interest signals growing investors’ interest.
Based on the historical price performance, September is typically considered the worst month in terms of price momentum. However, the launch of both spot Bitcoin and Ethereum Exchange-Traded Funds in the United States could create some shifts this time.