PEPE’s Price Soars After Whale Makes a Massive Purchase

  • On-chain data shows that the whale had purchased 60 billion PEPE using 52 ETH.
  • The meme coin’s price climbed more than 12% as a result of the whales purchase.

The blockchain tracking firm Lookonchain tweeted this morning that Machi Big Brother, a crypto whale, recently changed another one of his addresses to purchase Pepe (PEPE). According to the post, he had bought a total of 60 billion PEPE using 52 Ethereum (ETH), worth approximately $94K, at an average buying price of $0.000001565.

The meme coin’s price has risen since then, as CoinMarketCap indicated that it was trading at $0.000001706 at press time. This is after PEPE’s price had printed a 24-hour gain of 12.46%. In addition, the altcoin strengthened against the two crypto market leaders, Bitcoin (BTC) and Ethereum (ETH) during this time period as well.

At press time, PEPE was up 11.50% against BTC and 12.20% against the leading altcoin. This recent price increase can be attributed to the 158% spike in the crypto’s trading volume, which stood at approximately $394.38 million.

4-hour chart for PEPE/USDT (Source: TradingView)
4-hour chart for PEPE/USDT (Source: TradingView)

PEPE was able to break above the $0.00000165 resistance level in the last 24 hours – flipping it into a support level in the process. It attempted to do the same with the resistance level at $0.00000203 yesterday evening but was only able to reach a high of $0.00000193 before correcting in the 12 hours that followed.

There was still some sell pressure present, as evident by the wick that was present above the latest 4-hour candle. Should PEPE’s price succumb to this bearish pressure it will likely drop back below $0.00000165 within the next 24 hours.

Technical indicators on the 4-hour chart did, however, suggest that this slight pullback in PEPE’s price may be nothing more than a  liquidity building move before another move up. At press time, the 9 EMA line was trading bullishly above the 20 EMA line and the RSI line had a slight positive slope towards overbought territory.

If this bullish thesis is validated, then the meme coin’s price could flip the $0.00000203 resistance into support within the next 24-48 hours. A confirmation of this potential move towards the next resistance level will be if PEPE’s price closes the next 8 hours above $0.00000165.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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