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The cryptocurrency PEPE has gained popularity recently, especially after the Bitcoin (BTC) network completed its fourth halving last Friday. This event boosted PEPE’s price by 66% in just six days, reaching a trading level of $0.000007, creating a new sense of relief in the broader market. Here is the latest on the meme token!
Whale Accumulation in PEPE
This rally, coinciding with a rise in whale accumulation, points to a possible long-term recovery trend in the near future. The recent correction trend in Pepe currency was tracked through a falling channel model, which dropped the token price from $0.0000108 to $0.00000393. However, following the latest Bitcoin halving, PEPE found a new support level at $0.00000463, which immediately caused a reversal on the daily chart. Additionally, Spot On Chain highlighted a notable on-chain event where a whale accumulated 211.6 billion PEPE tokens worth $1.72 million.
The whale’s purchases were made through Binance, Gate.io, and Uniswap, with an estimated initial expenditure of $1.54 million. Currently, the whale’s accumulation of PEPE resulted in an unrealized profit of $173,000, an 11% gain. This latest rally, supported by the whale’s purchase, provided a definitive exit from the channel model’s resistance trend line. A successful exit could signal a shift in market dynamics favorable for buyers, leading to a significant upward trend. The post-surge recovery could bring the PEPE price to $0.0000092 and then to $0.0000108 overall resistance levels.
66% Increase in PEPE
PEPE rose 66% to $0.000007 following the recent Bitcoin halving. Whale accumulation and the rising graph indicate a long-term recovery. The whale’s purchase of $1.72 million supported PEPE’s price to $0.00000463 and hinted at reaching overall resistance levels. The post-blast recovery could reach $0.0000092 and then $0.0000108. This indicates that PEPE could perform strongly in the coming period.
