PEPE Price Surges as Whales Increase Holdings Amid Broad Crypto Market Rally
PEPE, a meme-inspired cryptocurrency, experienced a significant 14% price surge in the past 24 hours, reaching $0.000012812 from $0.000011141. This surge was part of a broader market rally that saw Bitcoin surpassing $118,000. The crypto market, known for its volatility and speculative nature, often witnesses sudden price spikes driven by factors like online hype and increased trading activity.
According to data from Nansen, the top 100 wallets holding PEPE tokens have collectively added over 1% to their holdings in just one day, accumulating a total of 304.1 trillion PEPE tokens. Simultaneously, exchange holdings of PEPE have been decreasing. Over the past month, the top 100 PEPE addresses have increased their holdings by 2.3%, while the amount of tokens held on exchanges has dropped by 2.17% to 252.2 trillion.
Whale Activity and Technical Analysis
The surge in PEPE’s price can be attributed to increased whale activity, with significant holders accumulating more tokens. Technical indicators suggest that PEPE’s momentum is likely to continue. The token exhibited an 18% price range between $0.000009823 and $0.000013068 during the recent rally.
CoinDesk Research’s technical analysis data model identified a key resistance level at $0.000012482, where price reversals occurred amid high trading volume. On the other hand, strong support was observed near $0.000011013, indicating that traders were actively buying during price dips.
Expert Commentary from Sam Boolman
According to Sam Boolman, ChainIntel’s lead analyst, the recent surge in PEPE’s price reflects the speculative nature of meme-inspired tokens and the influence of whale activity in the crypto market. Boolman highlights the importance of monitoring whale movements and technical indicators for assessing potential price movements in volatile assets like PEPE.
Overall, the surge in PEPE’s price amid a broader crypto market rally underscores the market’s susceptibility to sudden price fluctuations driven by a variety of factors, including whale activity, market sentiment, and overall market trends.
Disclaimer: This article contains elements generated with the assistance of AI tools and has been reviewed by our editorial team to ensure accuracy and adherence to journalistic standards.
Source: CoinDesk
