Pepe Coin Whale Buys 500M Tokens: Price Surge?
A significant event shook the cryptocurrency market this Thursday: a Pepe Coin whale acquired 500 million PEPE tokens. On-chain data reveals the whale used a newly created wallet to transfer these tokens from Binance. This accumulation has fueled considerable bullish optimism regarding PEPE's price prospects, particularly given the meme coin's 10%+ weekly growth.
Massive Pepe Coin Acquisition from Binance
According to Lookonchain on X (formerly Twitter), a newly created wallet withdrew 500 billion PEPE tokens from Binance. This large-scale accumulation has generated excitement, signifying substantial investor confidence in the asset. The image below from Lookonchain illustrates this transaction.
This whale accumulation reinforces bullish sentiment, correlating with reduced PEPE token supply on centralized exchanges (CEXs) and increasing buying pressure. Market participants now anticipate substantial PEPE price gains.
PEPE's recent performance has already outpaced Bitcoin's over the past week, further bolstering positive market sentiment. This significant whale accumulation adds to the existing bullish momentum in the meme coin sector.
PEPE Price Analysis: Current State and Predictions
Despite the substantial accumulation, PEPE experienced a minor intraday dip of over 2%, reaching $0.000008531. A daily low of $0.000008429 was also recorded. However, the weekly chart displays a clear uptrend, showing a 13% increase over seven days.
Future Price Outlook
Market analyst JakeGagain on X believes PEPE has reached its bottom. After a brief period of bear market pressure, PEPE’s market cap has recovered from a low of $2.1 billion to $3.59 billion (at the time of this writing). This resilience suggests the meme coin is poised for significant growth during the next bull cycle.
Echoing this optimistic view, another analyst, "Charting Guy", predicts PEPE reaching Fibonacci levels at 2.618, potentially indicating a price target of $0.00012.
Disclaimer: This analysis reflects market sentiment and expert opinions. Cryptocurrency investments are inherently risky. Conduct thorough research before investing. Codeum is not responsible for investment losses.
Codeum Note: Codeum offers comprehensive blockchain security services, including smart contract audits, KYC verification, and custom smart contract & DApp development to help secure your projects. We also provide tokenomics and security consultations, and forge partnerships with launchpads and crypto agencies.