Crypto Whales Flood PEPE with $113 Million
The price of the popular meme coin PEPE jumped by 10% over the weekend, driven by significant capital inflow from crypto whales. Crypto whales have invested $113 million in PEPE within the past week, triggering a major rally in meme coins like Dogecoin and Shiba Inu.
Recent on-chain movements indicate that the trading activity of crypto whales has been a major driving force behind the surge in meme coin prices. The movement of 94.1 trillion PEPE tokens by whales has had a significant impact on the price of the coin as it climbs higher.
PEPE Team to Distribute $500,000 to Binance Users
The PEPE team intends to distribute 418 billion tokens, valued at approximately $500,000, to Binance users. This move is expected to trigger bullish action among retail investors, spurring network activity.
When blockchain networks allocate significant funds to community campaigns, it often attracts retail investors, prompting an increase in demand and prices. Consequently, retail traders’ pressure and rising whale demand may push the PEPE price upward in the coming days.
PEPE Price Prediction: Aiming for $0.000002
The mounting profits of bullish whales may reduce their incentive to sell, especially if the upcoming campaign bolsters retail traders’ sentiment. This situation could drive the PEPE price toward the $0.000002 mark, as indicated by the Global In/Out of the Money (GIOM) data.
However, if the PEPE price falls below $0.0000007, the potential arrival of 9,330 addresses holding 43.96 trillion PEPE at an average price of $0.000001 could provide initial support, preventing a significant reversal.
Hot Take: PEPE’s Skyward Trajectory
The recent surge in PEPE’s price, driven by significant whale investment and upcoming token distribution, signals a potentially bullish trajectory for the meme coin. Given the positive retail sentiment and strong whale demand, the PEPE price is poised for further gains in the near future.
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