Home Editor's Pick Pepe Coin (PEPE) Consolidates After Massive Surge: Good Time to Buy?

Pepe Coin (PEPE) Consolidates After Massive Surge: Good Time to Buy?

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Pepe coin (PEPE), the frog-based memecoin, has taken the market by storm with its impressive performance over the past few days.

The meme coin has seen a remarkable surge in value, gaining over 100% and reaching a new all-time high of $0.0000172. This rally has propelled PEPE to become the third-largest meme coin globally, with a market cap surpassing $7 billion, outperforming established players like Dogecoin and Shiba Inu.

TLDR

Pepe coin (PEPE) has seen a significant rally, gaining over 100% in the last few days and reaching a new all-time high of $0.0000172.
PEPE has become the third-largest meme coin globally, with a market cap surpassing $7 billion, outperforming Dogecoin and Shiba Inu.
The surge in PEPE is driven by significant whale accumulation and a fourfold increase in active addresses.
A trader increased their portfolio value from $23 million to $65 million, realizing a 1200% return on investment in one year of trading PEPE.
PEPE is expected to continue its rally and potentially reach $0.0001 as a new all-time high value.

The surge in PEPE’s value is attributed to several factors, including significant whale accumulation and a fourfold increase in active addresses.

High-net-worth investors have shown keen interest in the coin, with one whale investor withdrawing 1.32 trillion PEPE tokens from Binance within five days.

This whale’s PEPE portfolio has already generated a 21% return at the current price, demonstrating the coin’s potential for high returns.

PEPE’s outstanding performance is consistent with the positive outlook observed in the cryptocurrency sector after the authorization of spot Ethereum ETFs.

https://t.co/EccAVi8mkT pic.twitter.com/lnLUsHaJfN

— Pepe (@pepecoineth) May 27, 2024

The coin has maintained its bullish momentum, with buyers standing firm against attempts to lower prices.

A strong support zone has emerged near the $0.00001380 threshold, which has been tested twice.

PEPE is forming higher highs and lows, a sign of an ascending uptrend. The price surpasses the 50-day and 200-day simple moving averages (SMA), further bolstering the bullish outlook.

On-chain analysis firm Santiment estimates that the number of active addresses possessing PEPE increased from 3,600 to 12,000, indicating that the coin is poised for further growth.

Amid this upturn, a smart trader realized a staggering 1200% return on investment in one year of trading PEPE. The trader spent 2,434 Ethereum to purchase 3.97 trillion tokens and later sold 124 billion for 350 ETH, valued at $1.27 million.

The trader still holds 3.84 trillion tokens worth $56.43 million. This successful trading strategy demonstrates the potential for substantial profits in the PEPE market.

Another smart trader deposited 201.85 billion tokens worth $2.83 million on the Bybit exchange and traded PEPE three times, making money from each attempt. This investor achieved a 100% win rate and a total profit of $2.48 million.

Looking ahead, PEPE is expected to continue its rally and potentially break above the $0.00001491 resistance level in the coming days.

If this happens, the coin could continue its upward trajectory and reach $0.0001 as a new all-time high value. However, it is essential to note that the relative strength indicator (RSI) is currently in the overbought zone above 70, suggesting a possible retracement ahead.

This is likely a temporary phase for consolidation before the coin resumes its upward trend.

Pepe coin’s remarkable performance has caught the attention of investors and traders alike. The coin’s surge in value, driven by whale accumulation and increased active addresses, has positioned it as a strong contender in the meme coin market.

As PEPE continues to gain traction, it will be interesting to observe how it fares against established players and whether it can sustain its bullish momentum in the coming weeks and months.

The post Pepe Coin (PEPE) Consolidates After Massive Surge: Good Time to Buy? appeared first on Blockonomi.

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