Whale activity surges with $28M PEPE transfer, suggesting strong accumulation by large holders.
Technical chart shows cup-and-handle pattern with breakout target near $0.0000238.
Open interest hits $600M as retail and derivatives traders back PEPE’s bullish momentum.
Bullish momentum appears to be returning to Pepe Coin (PEPE) as technical indicators signal a possible uptrend. With large whale transfers and increased market activity, traders are closely watching this memecoin for potential breakout opportunities amid broader crypto market support.
Whale Activity and Market Movements
Recent blockchain data reveals significant whale movements, including a transfer of 2 trillion PEPE tokens worth nearly $28 million from Bybit to an unknown wallet. According to Whale Alert, this move suggests accumulation by large holders, sparking interest among traders.
Data shows that over 11.75 trillion PEPE tokens moved in the past 24 hours, indicating high-volume trading activity and strong whale participation. Market analysts note the formation of a cup-and-handle pattern on PEPE’s chart, which typically signals a bullish breakout.
https://twitter.com/NFTdavie/status/1927481603934028265
Currently trading at around $0.00001391, the token is approaching key resistance near $0.0000148. A move above this level could lead to gains of up to 60%, with targets near $0.0000238, supported by a golden cross and strong support at the 200-day EMA.
Technical Indicators and Trading Sentiment
PEPE’s open interest in derivatives markets has surged to nearly $600 million, reflecting increased leverage and trader participation. Positive funding rates and growing trading volumes point to a bullish short-term outlook. The memecoin is also trending across social media platforms, with retail investors showing renewed interest.
Crypto trader James Wynn has recently deposited 443 billion PEPE tokens to Binance, raising questions about his trading strategy as he reportedly increases his Bitcoin long positions. Despite some recent losses in Wynn’s trades, the overall market sentiment around PEPE remains optimistic.
According to Jacob Crypto Bury, “Bullish momentum is returning. The Stoch RSI on the daily chart has fully reset and is about to cross over. Over the past four months, this has meant nice green candles.” He added that PEPE is primed to lead the memecoin market in 2025.
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