PEPE, WIF, BONK surge in double-digit, Is DOGE rally next?

The popular meme coin Pepe (PEPE) has surpassed Dogwifhat (WIF) to become the third largest meme coin after gaining a significant 47% upside momentum. On April 24, 2024, the on-chain analytic firm Lookonchain reported on X (formerly Twitter) that a whale wallet address, 0x803 linked to rektdolphineth, accumulated a massive 211.6 billion PEPE worth $1.72 million within the past 24 hours.

This whale has been accumulating PEPE from decentralized exchanges like Binance and centralized exchanges like Gateio and Uniswap at an average price of $0.000007291, amounting to approximately $1.54 million. The whale currently holds an unrealized profit of over $173K, representing 11% of the total investment. Lookonchain suggests that the whale may continue to accumulate PEPE.

Following the whale's accumulation, PEPE surged by over 18%. The overall crypto-meme sector also experienced an increase, rising by over 5%. The 24-hour trading volume increased by 40%, indicating strong interest from investors and traders in meme coins.

At the time of writing, other top meme coins, including Dogwifhat (WIF), Floki (FLOKI), and Bonk (BONK), have also experienced significant upside momentum, with gains of over 20%, 15%, and 30%, respectively. PEPE is currently trading near $0.0000079, having gained over 18% in the past 24 hours. Over the past week, PEPE has experienced over 50% upside momentum, while over the past 30 days, it has gained only 6%.

According to technical analysis, PEPE is showing bullish signals. On the weekly time frame, it has broken out of a flag and pole price action pattern. If PEPE closes above $0.0000079 on the weekly time frame, it has a high probability of surging by over 36%.

In contrast, major cryptocurrencies like Bitcoin, Ethereum, and Solana are struggling to gain momentum. Over the past 24 hours, Bitcoin has gained 0.6%, while Ethereum and Solana have gained 2.5%.