Is PEPE Ready to Pop? Volume Blasts Past $1 Billion – Are Whales Dip Buying?

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Harvey Hunter

Junior Content Creator

Harvey Hunter

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Harvey Hunter is a Junior Content Creator at Cryptonews.com. With a background in Computer Science, IT, and Mathematics, he seamlessly transitioned from tech geek to crypto journalist.

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Last updated: 

August 12, 2024

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The PEPE price has seen a slight lapse over the past 24 hours, down 2.51% – seemingly among the worst affected as meme coins see an average 0.03% decline.

Meanwhile, a well-known Pepe whale has reaffirmed their position, scooping 420 billion more PEPE.

This comes as PEPE’s momentum appears to have waned somewhat as the broader market shows strength in its recovery following Monday’s sell-off.

While many other major altcoins have seen more substantial gains, PEPE has only managed a modest 2.58% increase since last Tuesday, lagging behind its peers.

Despite this, it has garnered particular interest among traders today. The meme coin’s trading volume exceeding $1 billion over the past 24 hours.

PEPE Price Forms Breakout Pattern – Price Surge Ahead?

A closer examination of the Pepe chart reveals the formation of a symmetrical triangle pattern, characterized by converging trend lines connecting a series of sequentially lower peaks and higher troughs.

This pattern often suggests a period of consolidation, typically preceding a breakout as the price tightens within this range.

The likelihood of a breakout is bolstered by the recent significant influx of trading volume, largely driven by substantial whale activity.

Notably, a well-known whale recently reaffirmed their position by acquiring over 420 billion PEPE, valued at approximately $3.13 million, according to blockchain analytics platform Spot On Chain.

This consistent buying activity, particularly from such a significant player, lends credibility to the potential for a breakout from the current symmetrical triangle pattern and a local bottom.

And other technical indicators appear to support it. While the Chaikin Money Flow (CMF) (green) suggests strong buying pressure at 0.4, the Relative Strength Index (RSI) (purple) reveals a more neutral stance at 40, erring on bearishness.

This combination indicates strong buying pressure despite relatively weak, hesitant price momentum. This scenario might precede a bullish move if the accumulation eventually pushes the price higher.

The current combination of indicators sets a bullish president, but the market is at a critical juncture.

As the price currently retests the lower bound of the pattern, a successful retest without breaking lower would suggest that the lower bound is holding as support, increasing the likelihood of a bullish breakout.

Immediate Resistance at $0.00000830 represents the first target after a breakout. If the price can decisively break above this resistance, it would confirm that the bullish momentum is gaining strength.

The next step is to monitor the 200 EMA. A break above this level could open the path for further gains, possibly targeting higher resistance levels or previous highs.

Whales Are Moving to a New PEPE Coin

Although traders may want to cling to PEPE for further gains, the meme coin landscape has evolved. The best opportunities now leverage real utility alongside a strong community.

As the leading hype-based coins reach multi-billion dollar market caps, their biggest gains are behind them, and traders are diversifying into the next meme coin set for explosive growth.

Enter Pepe Unchained ($PEPU), a meme coin that transcends conventional utility. It addresses two of the most significant pain points in the current crypto landscape – transaction speeds and fees.

This liberated evolution of Pepe operates on its own Layer 2 chain, freeing itself from Ethereum’s shackles, offering lower fees and 100x faster transaction speeds.

It’s not just a meme coin, it’s a meme chain! Something that may be credited to its instant success, raising over $8.5 million in its presale so far.

This confidence can also be attributed to Pepe Unchained’s commitment to transparency. It has undergone two audits and features its own block explorer, allowing users to track all transactions on its unique chain.

At a temporary fixed presale price of $0.0090539, those who act quickly stand to benefit the most. Investors are currently earning an impressive 230% APY. This presents a valuable passive income opportunity, even amidst recent market volatility.

Join the Pepe Unchained community on X and Telegram to stay up to date on the latest announcements.

BUY $PEPU NOW