PEPE continues its rally despite whale selloff

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As a seasoned analyst with over two decades of experience in the financial markets, I’ve witnessed countless market trends and cycles. The surge in PEPE, the meme coin inspired by Pepe the Frog, is undeniably intriguing. The asset’s meteoric rise this year, especially the 2000% increase since January, has been nothing short of spectacular.

On December 8th, a token reminiscent of the 2000s meme “Pepe the Frog” observed a substantial whale selling off, yet it persisted in its upward trajectory.

On Monday, the cryptocurrency PEPE reached a peak price of $0.000027, setting a new record high and experiencing a staggering surge of approximately 2000% since the start of the year. This impressive performance places PEPE among the top-performing assets. Furthermore, its market capitalization surpassed $11.37 billion, and the recent upswing has boosted its monthly gains to an impressive 157%.

Based on information from IntoTheBlock, the significant wallet holders of Pepe saw a change from a net inflow of about 1.03 billion PEPE, equivalent to around $22.66 million, on December 6, to a net outflow of over 1.96 trillion PEPE, worth more than $50.9 million, by Sunday, the 8th of December.

Large whale transactions on PEPE’s market are usually associated with fear or cashing-out, events that often lead to price drops. However, surprisingly, despite a significant whale sell-off, PEPE has experienced a 27.3% price increase over the last week, showing remarkable resilience.

Why is PEPE price surging?

A significant portion of PEPE’s profits were earned following its unexpected appearance on the well-known American news network, Fox News. During the broadcast, the meme coin was recommended as a worthwhile investment similar to Bitcoin.

Additionally, there was a surge of interest among individual investors who bought the altcoin after it became available for purchase on prominent trading platforms like Coinbase and Robinhood last month. This move enabled customers to invest in PEPE and potentially profit from its increase in value.

PEPE: Now making its way into the market, this coin is gaining traction among customers of Coinbase and Robinhood.

— Doc (@docXBT) December 9, 2024

Based on ITB’s findings, there’s been a significant increase of 263% in the number of short-term PEPE holders within the past month, now totaling approximately 80,450 distinct wallets. This surge has contributed to a rise in prices.

Additionally, as per Coinglass data, the open interest for PEPE has hit an all-time high of $370.8 million, marking a 9% rise over the last 24 hours. This surge in value also placed ‘PEPE’ among Google’s trending terms.

Analyst eyes 19% rally from current prices

Currently, analysts anticipate that the PEPE price could surge more following the appearance of optimistic trends on its daily graph.

As a crypto investor, I’ve been closely watching PEPE, and based on insights from the pseudonymous analyst Captain Faibik, it appears that PEPE has broken free from a multi-month symmetrical triangle formation. This potentially could propel its price to around $0.000031 in the near future, representing approximately a 19% increase from its current levels.

A different financial analyst, often referred to as Chandler Bing, predicted a comparable price objective. He pointed out that PEPE appears to have established a Cup and Handle pattern – an uncommon bullish indicator from the realm of technical analysis – which suggests the possibility of PEPE’s upward trend continuing further.

Based on the MACD line crossing over the signal line, suggesting a potential bullish reversal, and the Average Directional Index being at 44, significantly above the 25 threshold that signifies a robust bullish trend, these analysts’ projected price targets appear highly probable in the near future.

On the other hand, it’s possible that the token may experience a dip due to the fact that over 97.6% of PEPE holders have already made a profit from the recent surge.

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2024-12-09 10:40