With $PEPE price on a bearish decline, whales are buying the token, which appears to be a positive position for a breakout
There is a continuous shift in the market as PEPE price, along with other memecoins, is seeing a mild bearish breakdown.
While the bearish shift has seen memecoin's market capitalization drop 6.14% to $66 billion, some whales have taken the opportunity to buy the dip in anticipation of a possible breakout rally soon.
The PEPE price may respond to the purchase of the wheel.
According to data from Lookonchain, a dormant wheel has come back to life after 2 years. Upon awakening, the whale created a new wallet from which it withdrew a total of 1.79 trillion PEPE from the Binance Exchange.
The $22 million-plus buyer has placed a token position for the lack of liquidity on the open market.
According to an analysis by Whale Wallet, there has been no prior exposure to the frog-themed meme coin, fueling speculation about the surprise acquisition.
$PEPE WHEEL transactions have increased significantly over the past week as the coin has shown its biggest breakout sign.
The PEPE price is not yet reflecting this fact. At the time of writing, the token was changing hands for $0.00001246, down 8.64% in 24 hours.
The PEPE/USDT daily chart suggests continued volatility for memecoin moving forward. With relative strength index (RSI) of 63.23, the token is shy of its oversold level.
The spread on Bollinger Bands is the largest recorded since at least January 31. With this setup, volatility is constant and can make or break a token's direction.
Historical Trend Defining PEPE Growth Outlook
The accumulation of whales in the market is often a sign that an uptrend is likely. This expectation is based on PEPE price history as shown on Cryptorank.
The monthly returns show that May has been the best month for the token since its inception. Unlike every other month of the year, the $PEPE price has not recorded a sell-off in May since 2023.
Dogecoin Challenger's average growth rate for the month is 82.3% and is on track to beat this historical record with its 40.4% increase.
In an earlier PEPE coin analysis, ATH was targeted this week as short sellers got caught up in liquidation.
This view remains as the analyst plans a potential reversal for the memecoin going forward.
Meanwhile, other meme coins such as Dogecoin and Shiba Inu are also experiencing similar declines.
However, with each token taking advantage of unique environmental trends, a potential breakout rally could soon be recorded.
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