Meme Coins PEPE- WIF- BONK Surge; Is DOGE Next in Line for a Rally?

On April 24, 2024, the meme coin Pepe (PEPE) experienced a significant surge of 47%, propelling it past Dogwifhat (WIF) to become the third-largest meme coin in terms of market capitalization.

According to a post by the on-chain analytics firm Lookonchain on X (previously Twitter), a whale wallet address known as 0x803, associated with rektdolphineth, accumulated a staggering 211.6 billion PEPE tokens, valued at $1.72 million, within the past 24 hours.

Whale Accumulates PEPE Tokens, Driving Upside Momentum

A notable whale investor has been actively accumulating PEPE tokens from various exchanges, both decentralized like Binance and centralized platforms such as Gateio and Uniswap. With an average purchase price of $0.000007291, totaling around $1.54 million, this whale has already garnered a substantial unrealized profit of over $173K, representing an 11% increase in their investment. Lookonchain suggests that this whale may continue accumulating PEPE tokens, further influencing the market.

In response to this accumulation, PEPE has seen an impressive 18% increase in value. Moreover, the broader meme coin sector has witnessed a collective surge of over 5%, accompanied by a 40% rise in trading volume. This indicates significant interest from both investors and traders in meme coins.

Notably, other top meme coins like Dogwifhat (WIF), Floki (FLOKI), and Bonk (BONK) have also experienced substantial upticks, with gains exceeding 20%, 15%, and 30%, respectively. As of the latest update, PEPE is trading near $0.0000079, demonstrating a notable increase in value within the past 24 hours. Over the past week, PEPE has seen a remarkable 50% surge, while its gains over the last 30 days have been more modest at 6%.

Also Read: Arthur Hayes: Bitcoin Beyond $100K - Token2049 Insights

PEPE Displays Bullish Potential, Major Cryptos Lag

Expert technical analysis suggests that PEPE is displaying bullish signals, particularly on the weekly timeframe, where it has broken out of the flag and pole price action pattern. If PEPE closes above $0.0000079 on the weekly chart, there is a strong possibility of a surge exceeding 36%.

Meanwhile, leading cryptocurrencies like Bitcoin, Ethereum, and Solana are facing challenges in gaining momentum. Over the past 24 hours, Bitcoin saw a modest 0.6% increase, while Ethereum and Solana experienced slightly better gains of 2.5%.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.