Pepe Coin Experiences Significant Price Surge

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Contrary to recent market movements, Pepe’s price saw a notable rise this week. The supply pressure from the previous all-time high resistance of $0.0000108 caused the token to drop by 18.8%, trading at $0.00000943. With Bitcoin at $67,000, the PEPE price fluctuates between continuing the prevailing uptrend or entering a new correction.

Whale Activity in PEPE

Pepe coin price has shown a steady recovery since last month, influenced by the rising trend line on daily charts. This dynamic support enabled the altcoin to grow by 195%, raising its value from $0.00000393 to an all-time high of $0.0000161. However, the general resistance of $0.0000108 prevented a daily candle close, causing PEPE’s price to drop to $0.00000925.

According to the crypto analytics firm Spot On Chain, a recent transaction by a PEPE whale significantly impacted the token’s price. Thirteen hours ago, a multi-signature wallet identified as 0x1a2 transferred approximately $4.54 million worth of 457.9 billion PEPE tokens to Binance. This move, interpreted as a stop-loss measure, contributed to a 6% price drop for PEPE. Spot On Chain notes that the mentioned whale has a history of poor trading decisions. The whale lost $717,000 from two separate PEPE transactions in the last 15 days. Historical data shows that the whale’s transactions often lead to sharp price drops when large amounts of PEPE are moved.

Price Analysis of PEPE

However, this frog-themed meme token currently trades above the aforementioned support trend line and may aim to align with renewed recovery momentum. Additionally, if the leading cryptocurrency Bitcoin sustains its price above $65,000 and PEPE stays above the rising trend line, buyers could push the next recovery jump to $0.0000138 and then to $0.0000167.

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