PEPE Coin Skyrockets to All-Time-High As Whales Keep Buying

• PEPE surges 20% intraday, hits $0.00002662 ATH as buying pressure returns.
• Positive funding rates and rising CMF signal sustained price momentum for PEPE.

Pepe (PEPE), a frog-themed cryptocurrency, soared to a new All-time-high of $0.00002662 today. This surge was driven by a 20% price increase over the past 24 hours.

The recent listing of the PEPE coin on Binance.US on December 5 fueled bullish momentum and boosted liquidity. That resulted in an ATH breakout.

At press time, the PEPE coin price traded at $0.00002543, noting a 20% surge intraday. Its market cap rose to $10.75 Billion, ranked 20th among the top crypto coins.

PEPE coin Whales Drove the Price Rally

Data from Lookonchain revealed that 2 wallets with an address of 0xcb1f2b9562a7a4e2029db54d504dfe4b1e46b7dc, 0xb721c74a0a1c97187146d1fe7df94a9d8752481d likely belonging to the same whale had bought 190.14 Billion worth of PEPE. They bought the token at an average price of $0.00002572 in the last few hours.

The increased whale activity indicates market confidence, as holders typically buy when anticipating a price rally. Their recent purchases suggest that the coming sessions could see PEPE coin further growth ahead.

Still, it is not only the whales signaling a bullish market. When comparing the coin’s holding time, it depicted a higher holding time over the past seven days. Holding time means the sale of the coin or exchanging it with other valuable items for the desired one.

The current trend showed that several PEPE crypto addresses are holding onto their assets. Moving ahead, such behavior may push the price upward in the coming days.

PEPE Price Prediction: A Rally Toward $0.00004000 Possible?

The PEPE coin marked a fresh ATH during the daily timeframe and reached uncharted territory. The positioning of the token was projecting bullish cues, as the short-term EMAs lie above the long-term ones. That delivered a strong bullish outlook.

The Global In/Out of the Money (GIOM) indicator. This showed the purchase price distribution of current PEPE holders. It also gives credence to the bullish outlook.

More than 88% of the In-the-money holders were making money at current prices. At the same time, 12% of Out-of-the-money holders sought to close their positions. If they close their positions, they could trigger a further bullish rally in the coming days.

Over the past thirty days, the PEPE coin price has risen by 132%. It reached the $0.00002600 level, with a 175% rise in trading volume. The Relative Strength Index (RSI), which tracks momentum, has also turned upward, signaling strong bullish momentum.

This shift suggested that a further price increase may be on the horizon. With this, the PEPE coin price could rise to $0.00003000 in the next sessions.

Furthermore, strong long-buildup activity was noted in the futures market. The Open Interest (OI) has surged over 37.17% to $342.65 Million over the past 24 hours.

Moreover, the OI-weighted funding rate remained positive since the first week of November, currently at $0.1070%. A high funding rate means demand and dominance of long contracts.

The immediate support zones were $0.00002430 and $0.00002320. On the other hand, if the bullish trend persists, PEPE could extend gains to $0.00003000 in the coming days.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.