In recent hours, a significant PEPE whale has been making massive transfers of PEPE tokens from one wallet to another, indicating bullish sentiment towards the digital asset. The whale, which still holds over $2.2 million in PEPE tokens, has been actively moving large quantities of the meme coin, with transactions totaling 98 million PEPE tokens ($3,363).
Data from EtherScan shows that the whale received nearly 250 billion PEPE tokens ($2.27 million) from Binance nine days ago, further suggesting a strong accumulation of PEPE by whales. Analysts have noted this trend, with one analyst named “Mark” pointing out that whales are accumulating PEPE at a rapid pace while retail investors are selling off their holdings out of fear and uncertainty in the market.
Despite PEPE’s price currently hovering around $0.00000908, down almost 5% in the past day, the digital asset has seen a remarkable 660.49% gain in the past year. The whale’s continued accumulation of PEPE tokens, coupled with the bearish sentiment among retail investors, has led to speculation of a potential price surge in the near future.
On the technical side, the Relative Strength Index (RSI) for PEPE indicates that bears are currently in control of the token’s price action. However, the RSI line’s gradient suggests that PEPE may soon enter oversold territory, presenting a favorable entry point for investors.
Additionally, the Moving Average Convergence Divergence (MACD) indicator shows a slightly bullish trend, with the MACD line above the signal line. Despite this, the declining intensity of the MACD histogram indicates that lower prices may be on the horizon for PEPE.
As always, it is important to exercise caution and conduct thorough research before making any investment decisions. The information provided in this article is for educational purposes only and should not be construed as financial advice. Readers are encouraged to seek professional guidance before engaging in any financial transactions related to PEPE or any other digital asset.