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90% Pump Coming for Pepe Coin? Whales to Decide


Key Takeaways:

  • PEPE weekly bull run at 82%.
  • Technicals point to another 90% advance ahead.
  • On-chain metrics show heightened whale transactions.
90% Pump Coming for Pepe Coin? Whales to Decide

YEREVAN (CoinChapter.com) – Pepe Coin jumped 28% to 0.000001147 on Oct 25, continuing a “green” week of 82% gains.

PEPE in a falling wedge

Moreover, technicals paint a bullish picture for PEPE. The coin traded within a technical setup called the “falling wedge” since May. The formation features two converging trendlines that gradually drive the asset price lower.

If confirmed, the falling wedge forecasts a rally equal to the maximal distance between the trendlines. As PEPE broke above the wedge’s upper trendline, confirming the formation, the target price for the memecoin stands at $0.000002172, or 90% higher than the current value.

Additionally, the daily chart printed a golden cross between the 20-day and 50-day exponential moving averages (20-day and 50-day EMA; red and orange waves, respectively). The golden cross occurs when a short-term EMA crosses above a long-term EMA, and signifies a bullish phase ahead. Notably, it is the first golden cross on the PEPE daily chart.

Whales behind the memecoin rally

On Oct 24 the team announced that they burned nearly 7 trillion tokens worth approximately $6 million, and brought in a new team of advisers to “guide PEPE forward.”

7 trillion PEPE burned, says the team.
6.9 trillion tokens burned, says the team.

Notably, The decision to burn tokens came after a handful of “rogue” developers executed a series of transfers out of the project’s “multisig” wallet, effectively stealing $16 million worth of Pepe, as alleged by a team member.

While the token’s price jumped 28% on Oct 25, the trading volumes dropped by 20%, indicating that only a few players could be behind the rally. On-chain metrics further confirmed the assumption, as whale transactions of over $100,000 (red) and $1 million (yellow) shot up in the previous two days, after the relative peace and quiet since late August.

PEPE whale transactions spike. Source: Santiment.net
PEPE whale transactions spike. Source: Santiment.net

Overall Network activity also woke up from its long siesta, with increasing transfer count, transfer amounts, and number of unique senders and receivers.

PEPE Network activity. Source: etherscan.io
PEPE Network activity. Source: etherscan.io

Additionally, PEPE could have been swept by the bullish Bitcoin wave, as investors pushed the alpha crypto past $34,700 amid the spot ETF buzz.



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