Pepe (PEPE) price reached an all-time high (ATH) last month and has mostly corrected since then. According to experts, linked to the actions of whales, the cryptocurrency will once again see a new ATH. The price of Pepe is greatly affected by whale addresses due to their tendency to hold the majority of the circulating supply.
Whale Activities in PEPE
Their dominance is significant as these whales have been adding more tokens to their wallets over the last few days. Large wallet holders have bought over 4 trillion PEPE, valued at more than 20 million dollars, in just the last ten days. Considering how fragile the stability of meme tokens can be, these investors likely expect the price to rise if they transfer millions of dollars.
The bullish sentiments are further validated by individual investors who show faith in the current position. Generally, a large part of the supply held by short-term investors is considered a sign of decline. This is because these investors tend to hold their supplies for less than a month and encourage sales. However, the behavior of PEPE is quite different. These over-selling investors chose to continue HODLing their assets, which resulted in the transfer of tokens to medium-term holders.
PEPE’s Price Target
As medium-term investors have avoided selling for at least 12 months, there is a possibility for PEPE price recovery. At the time of writing, the PEPE price is moving within a descending wedge, trading at the level of $0.00000511. Known as a falling wedge, this bullish reversal pattern is characterized by a narrowing price range with descending highs and lows, indicating a potential upward breakout.
Based on this formation and bullish signals from investors, the target is set over 60% above the breakout point of $0.00000633. This situation could not only lead to the meme token surpassing the $0.00001000 mark but also creating new all-time highs. However, if the PEPE price breaks down before the breakout and loses the support of $0.00000474, the bearish thesis could be invalidated. Consequently, according to meme token experts, it could drop below $0.00000400.
