As the Pepe Coin price consolidates either side of the $0.000020 level in wake of its mid-November surge, PEPE Whales are taking the opportunity to drastically increase their allocations, which could signal an incoming price surge.
Per a tweet on X from on-chain analysis account @lookonchain, one PEPE whale has withdrawn over 337 billion tokens from Binance worth nearly $7 million in the past 20 days.
That marries up nicely with data from coinglass.com, which shows that exchange wallets have consistently seen PEPE outflow since the mid-November price pump.
All of the above is suggestive of increased appetite to HODL, suggestive that another leg higher could be just around the corner for Pepe.
Whales, including PEPE whales, are generally viewed as smart money in the crypto space. When they start making big moves, that’s a sign that the risk-reward at current price levels is very strong.
As PEPE Whales Accumulate, Could a Rally Be Around the Corner?
Unsurprisingly, PEPE whales appear to be making moves just ahead of another potential surge in the Pepe Coin price.
Bitcoin (BTC) just flew above $100,000 for the first time ever but, with Bitcoin dominance now in a strong downtrend, we appear to have also entered a new altcoin season.
So far, some of the best-performing altcoins have been coins like XRP and ADA. But rotation back into meme coins, who have performed well throughout most mob 2024, could come soon.
PEPE would be a strong candidate to receive renewed inflows, as was the case in mid-November when it was listed on Coinbase.
The leading meme coin’s chart technicals certainly look nice. PEPE saw a nice bounce in late November at $0.000017 from its previous record highs.
And the meme coin has mostly been able to hold above its 21DMA. Risks thus remain tilted towards a further breakout towards new record levels.
With a market cap of around $9.2 billion, few would be surprised to see PEPE rallying 5x from current levels to a market cap of $45 billion this bull cycle. That would hand the PEPE whales massive gains.
Better Alternative to Pepe?
Most investors would be over the moon with 5x gains in any asset. But this is crypto. And in crypto, there are a lot of degens hunting for nothing less than the next 100x gem to take them from rags to riches.
Due to its “lack” of upside potential, Pepe might not appeal to these investors that much.
One of the best ways to bag 100x gains is to get into a new meme coin project early and before it really starts trending.
One of the best ways to do this is by getting into a high-potential meme coin at the presale stage.
Analysts at cryptonews.com keep a close eye on the meme coin presale market and one gem they think has huge potential is a just-launched project called Wall Street Pepe (WEPE).
In just a few days, WEPE has already been able to raise over $880,000 and experts across the industry are already weighing in to support the project.
99Bitcoins analyst Jacob Crypto Bury just released a video predicting WEPE has 100x upside potential.
WEPE has already passed major audits. To learn more about the project, visit its official website, and to keep up-to-date with the latest news, follow the team on X and Telegram.
The post PEPE Whale Buys 337 Billion Tokens – Could This Signal a Massive Price Rally? appeared first on Cryptonews.
