A whale has made it a priority to buy trillions of Pepe (PEPE) since August of this year. According to an X post shared this morning by the on-chain analytics platform, Lookonchain, a notorious whale bought 1.04 trillion PEPE last month.
In the past day of trading, PEPE reached a 24 hour low price of about $0.0000007105. Lookonchain’s data indicated that the whale might have taken advantage of the meme coin’s discounted price, and spent 390 Ethereum (ETH) to buy PEPE again a few hours ago.
This guy who made $2.34M (38,860x) on $PEPE spent 390 $ETH ($645K) to buy $PEPE again 6 hours ago.
And this guy also spent 550 $ETH ($951K) to buy 1.04T $PEPE on Aug 29. pic.twitter.com/MCwOC2RwRA
— Lookonchain (@lookonchain) September 29, 2023
It is highly likely that this humongous whale purchase could be behind PEPE’s price surge over the past 24 hours. According to CoinMarketCap, PEPE saw its price rise by more than 9% throughout the past day. As a result, PEPE was trading hands at $0.0000008054 at press time, which was right below its peak price of $0.0000008097.
The meme token’s 24 hour trading volume also ended up increasing by more than 2%, which left it standing at around $88.79 million. Additionally, PEPE’s impressive 24 hour success significantly bolstered its weekly performance, which surged by more than 30%.
However, PEPE’s value endured a downturn of 9.09% in the past month. After reaching its peak price of $0.000004354 in May of this year, PEPE’s price has plunged by over 81% to trade at its current price.
Daily chart for PEPE/USDT (Source: TradingView)
From a technical standpoint, the surge in the meme coin’s price enabled it to overcome the key $0.0000007520 resistance level over the past 24 hours, where it continued to trade at press time. Subsequently, a daily candle close above this level today may lead to PEPE rising to $0.0000009809 in the following few days if the bullish momentum persists.
Conversely, PEPE failing to close today’s daily candle above $0.0000007520 may put it at risk of testing the next crucial support level. In this bearish scenario, the altcoin’s price may drop to $0.0000005830 in the following week.
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