PEPE Soars 26% Weekly as Whale Withdraws $4.26M Amid Bullish Outlook

Pepe Coin (PEPE) has experienced an impressive ascendancy, soaring by over 26.20% in the past week, eclipsing all prominent meme coins in terms of gains over the last fortnight. As of press time, PEPE is valued at $0.00001035, reflecting a 23.73% increase from its price the previous day. This remarkable performance has crowned PEPE as the top meme coin for this period.

PEPE/USD 24-Hour Chart (Source: CoinStats)

Comparing Pepe Coin to Bitcoin, PEPE has seen an uptick of 18.06% within the same time frame. This performance has positioned PEPE as the 23rd largest cryptocurrency by market cap. As a result, in the last 24 hours, PEPE’s market cap increased by 23.83% to reach $4,357,670,903.

Concurrent with this price escalation, Pepe Coin has witnessed a remarkable surge in trading volume. Over the past 24 hours, PEPE’s trading volume has catapulted to $2,058,373,276, representing a notable 276.22% increase from the previous day’s tally. This extraordinary rise in trading activity highlights burgeoning investor interest and amplified market engagement with the coin.

Smart Money Withdraws $4.26M Worth of $PEPE

A prominent investor, often referred to as “smart money,” withdrew 406.74 million $PEPE tokens worth $4.26 million from Binance. According to Lookonchain, this investor previously earned $3.72 million from $PEPE and also traded eight different tokens, profiting from each one, showcasing a strong track record of profitable trades.

A smart money withdrew 406.74M $PEPE($4.26M) from #Binance 20 minutes ago.

The smart money made $3.72M on $PEPE before, and he had traded 8 tokens, making money on each one.https://t.co/eUF6GEqoLm pic.twitter.com/quG400luXA

— Lookonchain (@lookonchain) May 13, 2024

In a separate yet related transaction on April 10, the same whale deposited multiple tokens on Binance to take profits. This whale deposited 182.4 billion $PEPE worth $1.24 million, 351,520 $CAKE valued at $1.31 million, 1.88 million $MANA worth $1.11 million, and 1.83 million $SAND valued at $1.09 million. Overall, the whale accumulated a total profit of approximately $5.4 million from trading these eight tokens.

Bullish PEPE Tests Limits

Since April 13, the PEPE token has shown a bullish trend on the daily chart, with the price range tool indicating a 155.62% increase. During this period, PEPE has taken out old highs and retained old lows, demonstrating strong upward momentum. As of press time, PEPE is nearing a critical resistance level at $0.00001101, a level last reached on March 14.

PEPE/USD 1-Day Chart (Source: Tradingview)

Should the bullish trend continue, PEPE is expected to surpass this resistance level, potentially reaching higher targets, including its all-time high of $0.00002. However, if PEPE fails to break this level, prices could decline, aiming to challenge the 78.6% Fibonacci retracement level.

This would lead to a support level around the 61.8% Fibonacci level before attempting another bull run. If this support is breached, PEPE could fall further, potentially reaching the May low.

PEPE/USD 1-Day Chart (Source: Tradingview)

Technically, the Moving Average Convergence Divergence (MACD) indicator is moving vertically, positioned at 0.00000068, signaling a bullish trajectory in the short term. Moreover, the MACD line trading above the signal line indicates a strengthening bullish sentiment for PEPE, with potential price increases. Additionally, the MACD histogram shows widening green bars above the zero line, further supporting the bullish momentum.

In tandem, the Relative Strength Index (RSI) trades vertically in overbought conditions, positioned at 71.44. This suggests that PEPE may be approaching an overvalued point, potentially leading to a price correction in the short term. However, the RSI line moving above the signal line indicates there may still be room for growth before a significant pullback occurs.

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