On Monday, PEPE Coin experienced a significant surge, outperforming other altcoins during a period of market stabilization. The leading meme token saw its price climb by more than 15%, reaching an unprecedented high of $0.00001128.
PEPE’s Upward Momentum
The upward trajectory of PEPE Coin is supported by a trend line on the daily chart. From $0.00000393, the dynamic support climbed to $0.00001096 within a month, marking a 178.85% gain. This week, PEPE broke its previous high of $0.00001084, reaching a new peak at $0.00001128. However, a more sustained rise may require the daily candle to close above the broken level.
Additionally, analytics firm SpotOnChain noted significant profit-taking by whales following PEPE’s record surge. The first PEPE holder, known by the wallet address 0x647, deposited 250 billion PEPE tokens ($2.69 million) to Binance. This investor still holds 42.4 billion PEPE, valued at $424,000, achieving a profit of $3.96 million, an increase of 8,833% from the initial investment.
Whale Activity in PEPE
Another notable whale, linked to the 0xa4f wallet, moved 123.7 billion PEPE, exchanging it for $1.31 million in USDC, earning a 20.5% profit of $223,000 within three days. Such major transactions suggest that investors could be anticipating a larger movement or potential correction in PEPE’s price. If overall supply restricts further gains, the support trend line will be vital for buyers aiming to maintain the recovery trend.
Key Takeaways for Investors
– PEPE Coin’s price reached an all-time high of $0.00001128.
– Profit-taking activities by whales could signal upcoming market movements.
– The support trend line is crucial for sustaining PEPE’s upward momentum.
As the cryptocurrency market evolves, investors should closely monitor PEPE’s price movements and whale activities to make informed decisions.