PEPE Coin Price Rally: Trader Gains $5M in 8 Days as Memecoin Popularity Grows

Pepe (PEPE): A Rising Star Among Meme Coins

Pepe (PEPE) is garnering attention as a notable meme coin. As per Spot On Chain, a whale deposited 52.62 billion PEPE (approximately $10.03 million) into Binance, yielding a profit of $5.04 million (+97%) within just eight days. Following Coinbase's listing announcement, PEPE's value soared by roughly 61% in 24 hours. Notably, if the whale had held their position slightly longer, their profit could have amounted to $6.68 million.

Whale Activity Boosts PEPE's Trajectory

Massive transactions involving PEPE have surged, with IntoTheBlock reporting a jump from 100 to over 1,020 in a week. Whale inflows have risen significantly over the past week (104%) and month (195%), demonstrating strong investor confidence. On-chain analyst @ai_9684xtpa noted a whale with a 2.02 trillion PEPE balance sending 500 billion tokens ($11.17 million) to Coinbase, potentially positioning for a $10.52 million profit. The remaining holdings yield a remarkable floating profit of $35.26 million with a return rate of 1,811%.

Analysts and Technical Indicators Predict Potential

Crypto analyst Max suggests PEPE may soon embark on a growth phase, drawing parallels between the patterns in the PEPE/BTC pair and those in early 2024. Technical indicators also hint at potential movement: PEPE's Relative Strength Index (RSI) exceeds 70, indicating an overbought condition that could either lead to a rally due to fear of missing out (FOMO) or trigger a pullback. TradingView data reveals that PEPE is trading above both its 10-day exponential moving average (EMA) of $0.0000112 and its 30-day EMA of $0.0000101, showcasing a 60% weekly gain ranging from $0.00000819 to $0.000013.

Miles Deutscher Celebrates Pepe's Success

Miles Deutscher expressed his enthusiasm over Pepe's (PEPE) recent achievements, acknowledging his tireless promotion of the meme coin across various platforms over the past year.

Future Prospects for Meme Coins

Driven by major exchange listings and whale participation, PEPE's performance has shifted the focus towards identifying the next meme coin that could garner similar momentum.

Price Projections and Market Analysis

• Target Price by End of 2024: $0.000127396 (Coinpedia's prediction)
• Potential for Short-Term Growth: High, due to meme coin momentum, whale activity, and historically positive crypto performance in November.
• Likelihood of Reaching $1: Unlikely in the near future, based on current projections and market conditions.