The popular meme coin Pepe (PEPE), after gaining a massive 47% upside momentum, surpassed Dogwifhat (WIF) and became the 3rd biggest meme coin. Today, on April 24, 2024, an on-chain analytic firm, Lookonchain, made a post on X (previously Twitter) stating that a whale wallet address, 0x803 linked to rektdolphineth, has accumulated a massive 211.6 billion PEPE worth $1.72 million in the last 24 hours.
Why PEPE price is increasing?
Notably, this whale has accumulated PEPE from decentralized exchanges like Binance and centralized exchanges like Gateio and Uniswap at an average price of $0.000007291, worth around $1.54 million. Additionally, this whale has a total unrealized profit of over $173K, equivalent to 11% of the total investment. However, Lookonchain also highlights that this whale may continue accumulating PEPE.
Following this massive accumulation, PEPE experienced over 18% upside momentum. Besides PEPE, the overall crypto-meme sector is up by over 5%, and the 24-hour volume also increased by 40%, indicating strong interest from investors and traders in meme coins.
At the time of writing, the top meme coins including Dogwifhat (WIF), Floki (FLOKI), and Bonk (BONK) also experienced massive upside momentum of over 20%, 15%, and 30%, respectively. Currently, PEPE is trading near $0.0000079, and in the last 24 hours, it experienced over 18% upside momentum. Looking at the performance of PEPE over a longer period, in the last 7 days, PEPE experienced over 50% upside momentum, whereas in the last 30 days, it experienced only a 6% upside momentum.
PEPE technical analysis and key levels
According to expert technical analysis, PEPE is looking bullish as on the weekly time frame it gives a breakout of the flag and pole price action pattern. If PEPE on the weekly time frame gives a closing above $0.0000079, then there is a high probability that it could surge more than 36%.
Whereas, top cryptocurrencies like Bitcoin, Ethereum, Solana, and others seem to struggle to gain momentum. In the last 24 hours, Bitcoin experienced 0.6% upside momentum, whereas Ethereum and Solana experienced 2.5% upside momentum.
