Meme coin PEPE (PEPE) is poised for a price surge as a whale recently acquired a massive 173 billion tokens amid a broader digital asset market collapse, with the crypto community now expecting a similar market reversal based on PEPE’s price surge.
According to a post on social media platform X (previously known as Twitter) by blockchain analysis platform Lookonchain, a whale spent 1.34 million USDC tokens to purchase 173 billion PEPE tokens. The whale has already made $1.77million (+886%) from its investment in the meme coin and it seems that the wallet remains bullish on the digital asset. Lookonchain further added:
“This trader spent 200K $USDC to buy 170B $PEPE on Oct 25, 2023 and held it until Jul 25, 2024, when he sold it for 1.97M $USDC, making a profit of $1.77M(+886%)!”
According to the data from CoinMarketCap, PEPE has been one of the best performers during the recent market rally and is up 826.49% since August last year. At the time of writing, PEPE is trading at a price tag of $0.057818 with a market capitalization of $3.29 billion and is the 25th-largest cryptocurrency by valuation.
Further, the cryptocurrency is up 1.80% in the past 24 hours while the trading volume of the PEPE token is down 7.61% and currently stands at $714 million. The meme coin is down 54.47% from its all-time high of $0.00001718 witnessed in May this year. The cryptocurrency reached a daily high of $0.058106 and then fell down to a daily low of $0.057392 amid the whale scooping up 173 billion PEPE.
According to the chart provided by TradingView, the Relative Strength Index (RSI) of the PEPE meme coin stands at 43.95 which means that the bears are currently in control of the meme coin’s price action.
The whale’s accumulation of PEPE tokens could lead to a short-term price increase. However, the broader market’s performance will also play a crucial role. If the overall market experiences a surge in buying volume, PEPE could see a significant price rise.
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