Markets
Could Pepe Rise 51% After Crypto-Whale Accumulation?
Top crypto whales have capitalized on the current market downturn. They acquired substantial amounts of the Pepe (PEPE) meme coin, with transactions totaling approximately $5.56 million.
This activity coincides with a general decline in the crypto market.
Is Pepe ready to increase 51%?
Spot On Chain, a on-chain analysis platform, detailed that a prominent crypto whale, identified by portfolio address 0xa14has been particularly active.
This investor withdrew 350.2 billion PEPE, valued at 2.93 million dollars, from the Binance crypto exchange. This transaction marks the investor’s fourth in an ongoing series, bringing the total estimated profit from this deal to $1.63 million, an increase of 15%.
See more information: Pepe: a complete guide to what it is and how it works
Furthermore, since March 14, 2024, this whale has withdrawn 1.449 trillion PEPE from Binance at an average price of $0.000007496, with total spending estimated at $10.86 million. Subsequently, deposits back to Binance totaled 789.26 billion PEPE, purchased at an average price of $0.000008542, totaling $6.74 million. Currently, the investor holds 660 billion PEPE, valued at approximately US$5.74 million.
“Previously, the whale made an estimated cumulative profit of $955,000 (+33.6%) across all three previous PEPE trading cycles. He has a 100% win rate,” Spot On Chain mentioned.
Other important merchants were also accumulating PEPE. According to Lookonchain, another investor, identified as 0xa4Fpurchased 123.66 billion PEPE for $0.00000881, totaling $1.09 million in USDC.
Likewise, wallet address 0x895 withdrew 101 billion PEPE, worth around $885,000, from Binance. About that, 0x24E3 invested $661,000 USDC to purchase 74.5 billion PEPE at a rate of $0.000008873.
These acquisitions occurred as Bitcoin experienced a notable drop, falling nearly 5% from $63,400 to $60,180 last Friday. Despite difficulties in the broader market, PEPE has demonstrated resilience and a rapid recovery, currently up almost 7% from Friday’s low.
Furthermore, PEPE’s rally was supported on May 3 when it broke out of an inverse head and shoulders chart pattern, a bullish chart pattern. On May 8, the meme coin retested the neckline of this pattern at $0.00000785 and experienced an 11% bounce.
Market analysis suggests that based on the current chart pattern, PEPE could potentially rise as high as $0.00001330, representing a 51% increase from its current market price.
See more information: Pepe (PEPE) Price Prediction 2024/2025/2030
Pepe (PEPE) price performance. Source: Trading View
However, investors should closely monitor significant resistance at $0.00000890. A daily close below $0.00000785 would invalidate this uptrend, potentially signaling declines.
Disclaimer
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