Pepe Coin Surges Over 21% as Whales Drive Massive Accumulation

The meme coin hype and psyche show no signs of slowing down, with Pepe Coin (PEPE) emerging as the latest beneficiary of whale accumulation. The crypto meme asset, inspired by the iconic Pepe the Frog meme, has witnessed a massive 21.96% surge in just the last 24 hours, recovering fully from its weekly losses.

PEPE Price Chart: CoinMarketCap

Pepe's market cap has surged to an exceptional $3.1 billion, with its trading volume over the same last 24 hours reading at over $1.2 billion, an over 32% increase in the last 24 hours.

The driving force behind Pepe's massive surge is linked to the strategic moves of a few well-known whales and smart traders. According to data from Spot On Chain, a blockchain analytics platform, a whale with the address 0x546 withdrew 331.3 billion PEPE tokens, valued at $2.24 million, from the Binance exchange at a price of $0.00000675 per token. Interestingly, this whale shares the same Binance deposit address as the smart trader 0x1c6, who made headlines earlier by successfully selling all of their Uniswap (UNI) holdings before the token's price plummeted on April 10th, netting an estimated profit of $6.99 million – a crazy 70.7% gain.

Together, these two entities have withdrawn a colossal 660.7 billion PEPE tokens, worth approximately $4.57 million, from both Binance and MEXC exchanges over the past three days, at an average price of around $0.00000692 per token.

PEPE Technical Analysis Bullish

On the weekly chart, Pepe's price action has been bullish for the past two consecutive weeks. After marking a low of $0.00000391 on April 13th, the price has been trading in a bullish formation, indicating sustained upward momentum.

The daily chart reveals that Pepe's price recently broke out of a descending channel or bullish flag pattern on April 22nd, closing above this bullish structure. Following the breakout from the main bullish pattern, the price has also recorded a mini bullish flag in the lower timeframe, showcasing the strength of the bulls in the market. Pepe is poised to reach new highs, with immediate targets set at $0.00000920 and $0.000001081.

PEPE Daily Chart: TradingView

On the 4-hour chart, Pepe's price is heavily trading in a bullish manner, breaking above the mini-bullish flag pattern after retracing to the support level below. The price is poised to test new highs soon, with the next target set at the recent high of $0.00000920, followed by $0.000001081 in the near term.

PEPE 4-Hour Chart: TradingView

Pepe's price trajectory in 2024 appears promising, fueled by the recent whale accumulation and technical breakouts. Analysts predict Pepe could reach immediate targets of $0.00000920 and $0.000001081 in the near term, driven by increased adoption and the meme coin frenzy. However, as a highly speculative asset, Pepe's price remains susceptible to volatile market conditions and shifts in investor sentiment.