Pepe
PEPE explodes 400%, but here’s why you should watch out
Posted:
| Last updated: August 7th, 2024
Journalist
- PEPE was up 414% in a week amidst a broader meme coin rally.
- PEPE’s whale transactions increased substantially over the week.
Frog-themed token Pepe [PEPE] jumped 62% in the last 24 hours, becoming the highest gainer in the entire crypto market.
At the time of the writing, the popular coin was up by 414% in a week, and a whopping 700% in a month, amidst a broader bull market that has spurred a wild demand for meme coins.
The rally catapulted PEPE to become the third-largest memecoin, upstaging Bonk [BONK].
Whales increase their PEPE appetite
PEPE’s parabolic rise continued to attract whale investors. According to popular on-chain tracking platform Lookonchain, two whales added a significant quantity of PEPE tokens to their portfolios recently.
One of the whales withdrew 840.86 billion PEPEs, worth $6.3 million at press time, from Binance [BNB] at 10:59 pm UTC on the 3rd of March.
Some time before this, a whale had swapped $1.95 million worth of USD Coin [USDC] for 340.86 billion PEPE tokens on decentralized exchange Uniswap [UNI].
To gain a broader understanding of the trend, AMBCrypto examined Santiment’s data.
Indeed, PEPE’s whale transactions, valued at over $1 million, increased substantially over the week. Buying pressure fueled these transactions, as addresses belonging to whale cohorts rose significantly.
Source: Santiment
To buy or to sell?
AMBCrypto analyzed some key technical indicators of PEPE to make informed judgments about its next moves.
The Relative Strength Index (RSI) was in the overbought territory, indicating a higher likelihood of a price pullback. Traders may be tempted to cash out their holdings on spotting this.
In contrast, the Moving Average Convergence Divergence (MACD) moved above the signal line, suggesting that PEPE might experience upward momentum in the coming days.
Moreover, the new high in price was confirmed by a new high in MACD, implying that bullish momentum could continue.
Source: Trading View
Read PEPE’s Price Prediction 2024-25
PEPE was a departure from the numerous dog-themed tokens that dominated the market. The crypto coin exploded 10x within days of its launch, attracting a swarm of profit-hungry traders.
However, the coin doesn’t have any intrinsic value or expectation of financial return, according to its official site.
