On Monday, the popular cryptocurrency witnessed a notable entry, outperforming other altcoins amidst the current market consolidation. The leading name in the meme token ecosystem, PEPE, saw its price increase by over 15%, reaching an all-time high of $0.00001128.
PEPE’s Upward Momentum
Pepe Coin‘s ongoing recovery can be tracked with the support trend line emerging on the daily chart. This dynamic support rose from $0.00000393 to $0.00001096 within a month, recording a gain of 178.85%. This week, with a notable rise in the meme sector, PEPE’s price broke out from the previous all-time high of $0.00001084, reaching a new peak of $0.00001128. However, for a more confirmed prolonged rise, the daily candle may need to close above the broken level.
Meanwhile, the cryptocurrency analytics firm SpotOnChain recently highlighted significant profit-taking activities by whales following PEPE’s record price surge in the crypto market. The first PEPE owner, identified by the 0x647 wallet address, deposited 250 billion PEPE tokens (worth $2.69 million) to Binance. The mentioned investor still holds 42.4 billion PEPE worth $424,000, achieving a substantial profit of $3.96 million, an 8,833% increase from the initial investment.
Whale Activity in PEPE
Another prominent whale, operating under the 0xa4f wallet address, moved 123.7 billion PEPE in exchange for $1.31 million in Coin (USDC), earning a 20.5% profit of $223,000 just three days later. These intense transactions may indicate that cryptocurrency investors anticipate a larger movement or a new correction in PEPE’s price. If the overall supply hinders PEPE from gaining further, the mentioned support trend line could be crucial for buyers to maintain the recovery trend.
