As a seasoned crypto investor with a knack for spotting trends and patterns, I can confidently say that the recent surge in Pepe Coin price is nothing short of intriguing. The whale accumulation, fueled by Trump’s election victory and Dogecoin’s bull run, has created a perfect storm for PEPE to break out.
After the election of Donald Trump in the U.S., there was a surge in the price of Pepe Coin as large investors (whales) started an extensive accumulation phase, hinting at a possible rise in PEPE’s value. In the past 24 hours, the price of PEPE skyrocketed by approximately 13%, peaking at $0.000096 around 6:10 a.m. ET before slightly retracing to settle around $0.0000923.
Whale Accumulation Signals Pepe Coin Price Breakout
As a crypto investor, I’ve noticed an intriguing trend: data from Santiment reveals that whales have started amassing PEPE tokens following its bounce from a crucial support level. Interestingly, this accumulation has been further fueled by the unexpected victory of Donald Trump in the U.S. election and the remarkable surge in Dogecoin (DOGE), which saw its price skyrocket over 25%. It’s fascinating to observe these market dynamics!
Large financial transactions exceeding $1 million by whales, each possessing a net worth of a million or more, have surpassed their peak from the past two months. This trend suggests growing engagement and interest among these significant market participants.
Furthermore, the active addresses on the PEPE network surpassed a two-week peak, suggesting growing user interaction and trading actions. This heightened activity could fuel greater demand, possibly boosting the PEPE’s value.
The daily trading volume of transactions on the blockchain related to Pepe coin, measured against profits and losses, reached a one-month peak at 2.88. In other words, for every transaction resulting in a loss with Pepe, approximately three transactions ended in profit. This trend suggests that overall investment in Pepe coin becomes more advantageous, thereby boosting investor confidence in potential price growth.
The announcement that Robinhood was adding support for PEPE also played a role in changing market opinion and boosting large-scale buying by whales.
Derivative Traders Are Bullish on PEPE Price
Based on information from Coinglass, it appears that futures traders are preparing to drive up the value of PEPE even further. Notably, the open interest for PEPE has risen by 2.1%, and its price has jumped by an impressive 11% as well.
As I analyze the data, it appears that traders are indeed cashing out on their short positions, potentially gearing up for long ones. This trend could imply a potential upward movement in the value of Pepe Coin within the coming days.
Pepe Coin Price Analysis: Bull Pennant Hints Rally To $0.00021
As whales scramble to grab their share of PEPE, market trends are readying to surge upward. The cryptocurrency PEPE has been building tension within a large symmetrical triangle, part of a bullish pennant formation. A breakout from this structure could propel the meme coin skyward by an astounding 1,850%, potentially reaching $0.00021.
Following the bounce at the 0.618 Fibonacci retracement level, PEPE has shown signs of strengthening. With Trump’s election victory creating positive sentiment, Pepe Coin’s price may exceed its current triangle pattern and reach new highs. Potential resistance levels en route include $0.000012, $0.00002886, $0.000023, $0.00002989, and $0.000094.
Right now, Pepe Coin boasts a market capitalization of approximately $3.9 billion. If it experiences an increase of over 1800%, its market cap would soar to around $74.1 billion. This potential growth is not unreasonable considering the projected expansion of the crypto market during the anticipated bull run in 2025.
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2024-11-06 14:18