1.2 Trillion PEPE on Move as Price Rebounds

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As a seasoned crypto investor with battle-scarred fingers from the 2017 bull run and the subsequent bear market, I’ve learned to tread carefully when it comes to meme coins like PEPE. The recent surge in its price, fueled by whale activity, has my curiosity piqued, but also my skepticism at an all-time high.

The overall crypto market is experiencing a surge, thanks to Bitcoin (BTC) reaching over $71,000 again after more than five months. This growth has sparked a significant upswing for meme coins such as PEPE, with the involvement of large investors adding momentum to this rally.

PEPE whale and price action

As the cost of PEPE rises above its weekly lows, the whale trading activity also picks up. According to Whale Alert, a single large investor moved a massive 1,279,959,528,068 PEPE tokens on October 28th, which is roughly equivalent to $11,510,036.

🚨 1,279,959,528,068 #PEPE (11,510,036 USD) transferred from unknown wallet to #Binance

— Whale Alert (@whale_alert) October 28, 2024

The sudden movement of this whale’s funds, specifically to a Binance account, has ignited some predictions about market fluctuations. Although this action seems like a possible sell-off, it also highlights increasing signs of activity among PEPE whales, who have the potential to influence future market patterns.

Currently, PEPE is being traded at approximately 0.00000966 USD, which represents an increase of 8.49% over the past 24 hours, according to CoinMarketCap figures. At this value, if one zero is eliminated, the token could test the resistance level at $0.00001. If a significant transfer of 1.2 trillion tokens to Binance results in liquidation and more sell-offs occur, it may potentially alter the overall trend for the meme coin.

On the other hand, the widespread excitement about PEPE could potentially counterbalance any selling panic triggered by either large investors (whales) or individual buyers (retail holders).

Meme coin breakout

Currently, several meme cryptocurrencies are experiencing significant price surges, or as one might say, they’re soaring. Shiba Inu (SHIB) has jumped by 10.89%, reaching $0.0000189, with a strong effort to eliminate one zero from its value. Similarly, Dogecoin and WIF have also risen by 14.52% to $0.1664 and 9.60% to $2.644, respectively.

Although just a handful of meme coins such as SHIB are consistently undergoing regular upgrades, this bullish market trend has essentially equalized opportunities for all meme coins alike.

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2024-10-29 16:11