On December 14, 2024, a crazy whale wallet made ripples in the cryptocurrency market by moving 2.1 trillion PEIP tokens worth more than $52 million. This major move, which occurred after 600 days of inactivity, has fueled excitement and speculation about a possible price increase for the popular meme coin.
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Analysts are closely monitoring the movements of PEPE, expecting a rebound that could bring its value to $0.00005 or higher.
Whale activity indicates a possible increase
Current whale behavior is unique in the digital currency market because large movements can indicate confidence in an asset or predict future price movements.
Historically, similar fluctuations have occurred before large price increases. The whale that first executed this move bought the tokens for 0.0135 ETH (about $27), resulting in an incredible return on investment of about 1.9 million percent.
A $ PEPE a whale that had been dormant for 600 days moved every 2.1T $PEPE($52M) to a new address.
Originally this whale only cost 0.0135 $ETH($27) to buy 2.1T $ PEPE and it is kept until now.
From $27 to $52M – an amazing 1,900,000x return!https://t.co/Et442zxUGk pic.twitter.com/35sp0Iu46E
– Lookonchain (@lookonchain) December 14, 2024
Experts predict that if PEPE can break through the immediate resistance level of $0.00002810, it will quickly go up to $0.000036.
Technical figures support the bullish vibe. currently at $0.00002442, the 10-day moving average shows short-term resistance; the 50-day moving average is showing significant support.
Furthermore, the Relative Strength Index (RSI) comes out to be 54.4, suggesting neutral momentum with potential for further improvement. The MACD is also showing some positive activity, which supports the idea that price increases are just around the bend.
Healthy Crypto Market
The cryptocurrency market as a whole is improving, and this increase in whale activity is happening at the same time. This is especially true as Ethereum (ETH) is getting closer to $4,000.
In the past, other cryptocurrencies, even meme coins like PEPE, have grown alongside ETH. Analysts are making comparisons with earlier this year, when similar bearish movements occurred before the price of PEPE went up.
PEPE price set for the upside
Analysts believe that if PEPE maintains its pace and breaks important resistance levels, it may reach values as high as $0.000058, or perhaps $0.0001 in favorable market conditions. However, meeting such lofty goals will require continued investor interest and larger market movements.
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Although PEPE increase capacity encourages investors, before making any financial decisions, they should exercise caution and do thorough research.
Anyone who wants to get involved in this volatile industry needs to be aware of market dynamics and trends as the ecosystem of cryptocurrencies is changing rapidly.
Featured image from DALL-E, chart from TradingView
