- PEPE Spot Inflow/Outflow data showed that exchanges have witnessed the withdrawal of a significant $346.40 million worth of memecoins.
- PEPE could soar by 50% to reach $0.000035 if it closes a daily candle above the $0.0000235 level.
As a seasoned researcher with years of experience tracking crypto market trends, I find myself intrigued by the recent developments surrounding Pepe [PEPE]. The whale acquisition of 337 billion PEPE tokens and the subsequent $346.5 million outflow from exchanges have caught my attention.
Despite PEPE (the third-largest memecoin globally) keeping its price within a narrow band, it’s still managed to grab the interest of the ‘whale’ investors.
Whale acquires 337 billion PEPE
On December 4th, 2024, the whale transaction tracker Lookonchain shared on their platform (previously Twitter) that a large wallet with the address 0x698 had transferred 337.09 billion PEPE tokens, equivalent to $6.92 million, from Binance.
Over the last twenty days, during the consolidation phase of PEPE, Lookonchain observed a significant transaction taking place.
$346.5 million of PEPE outflow
As PEPE moved into its consolidation phase, there’s been a notable surge of interest and faith from large investors (whales) and individual investors, as per data from on-chain analytics provider Coinglass.
During this specific timeframe, the inflow/outflow data for PEPE’s Spot shows that approximately $346.40 million worth of PEPE meme coins left the exchanges, suggesting a net withdrawal.
The amount of memecoins leaving the exchange through blockchain (outflow) could be a significant indicator. If it shows that whales are taking their memecoins out, this might signal a possible chance for purchase.
Additionally, it lessens the chance of immediate downward price movement and suggests a possible upward trend in the near future.
Furthermore, significant selling points are located at approximately 0.00002011 cents for a potential downward movement, where traders have accumulated overleveraged long positions worth about $5.13 million. On the flip side, buying levels can be found around 0.00002137 cents, where traders hold approximately $2.17 million in short positions.
These levels indicate that traders are overleveraged at these points.
Technical analysis and key-level
Based on the technical analysis provided by AMBCrypto, the memecoin appears to have created a bullish “flag-and-pole” pattern on its daily chart. At present, it’s having difficulty breaking through this pattern.
According to current market trends and past performance, if the memecoin manages to surpass its current pattern and finish a daily trade above $0.0000235, it might experience a significant jump of around 50%, potentially rising to approximately $0.000035 over the next few days.
The current level of the Relative Strength Index (RSI) for this meme-coin sits at 60, falling short of the ‘overbought’ zone. This suggests that there’s potential for the meme-coin to continue increasing in value over the next few days.
Read Pepe’s [PEPE] Price Prediction 2024–2025
As I pen this, I find PEPE is hovering around approximately $0.00002068 in current market prices. Over the last 24 hours, it has experienced a significant increase of more than 2.5%.
During this timeframe, the trading volume increased by 6.5%, suggesting a slight uptick in involvement from traders and investors as compared to the preceding day.
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2024-12-05 03:35