Pepe coin price could rise 45% as exchange volume slips — Nansen

Pepe Coin Poised for Climb Despite Recent Dip

Pepe (PEPE), the third-largest meme coin, has lost over 27% from its peak this year. However, whale activity and exchange supply suggest a potential uptrend.

On Wednesday, November 27, PEPE traded at $0.0000187, resulting in a market cap of $7.8 billion. According to Nansen, exchange reserves dropped by 1.46% to 239.84 trillion, representing 57% of the total supply.

Binance, Bybit, OKX, Crypto.com, and Robinhood hold substantial Pepe coin reserves. Notably, the platform witnessed a CEX outflow of $9.19 million within 24 hours.

Cryptocurrency outflows from exchanges are generally viewed positively as they indicate investors' long-term holding intentions.

Whale activity has been bullish. One whale purchased over $2.7 million worth of PEPE on Wednesday, while another transferred nearly $1 million from Binance.

Another catalyst for price growth is Pepe's high trading volume. With a daily volume of $2.9 billion, it trails only Dogecoin, which has $8 billion.

Technical Analysis

Pepe has recently completed a break and retest pattern, where it surpassed a resistance level and then tested it again. This is a bullish signal. It has also formed a cup and handle pattern and a falling wedge chart pattern, further supporting a bullish outlook.

A conservative price target based on the cup depth is $0.000028, representing a 45% gain. The year-to-date high of $0.000025 and $0.0000172 are also potential targets.