Dormant Whale Transfers 2.1 Trillion PEPE Tokens Worth $52 Million
On December 14, 2024, a dormant whale wallet transferred 2.1 trillion PEPE tokens valued over $52 million after 600 days of inactivity. This significant transfer has generated speculation regarding a potential increase in the price of this meme coin.
Analysts are monitoring PEPE closely, predicting a possible rebound that could elevate its value to $0.00005 or higher.
Whale Activity Indicates Potential Surge
Current whale activity is notable as large transfers can indicate confidence in an asset and forecast price movements. Historically, such fluctuations have preceded substantial price increases. The whale who executed this transfer initially purchased the tokens for 0.0135 ETH (approximately $27), yielding a return on investment of about 1.9 million percent.
A $PEPE whale that had been dormant for 600 days transferred all 2.1T $PEPE($52M) to a new address.
This whale initially only spent 0.0135 $ETH($27) to buy 2.1T $PEPE and has held it until now.
From $27 to $52M—an extraordinary 1,900,000x return!https://t.co/Et442zxUGk pic.twitter.com/35sp0Iu46E
— Lookonchain (@lookonchain) December 14, 2024
Experts suggest that if PEPE surpasses the immediate resistance level of $0.00002810, it could quickly rise to $0.000036. Currently priced at $0.00002442, the 10-Day Moving Average indicates short-term resistance while the 50-Day Moving Average shows major support. The Relative Strength Index (RSI) stands at 54.4, indicating neutral momentum with potential for further development. The MACD also reflects positive movement, suggesting a near-term price increase.
Healthy Crypto Market
The overall cryptocurrency market is improving, coinciding with increased whale activity. Ethereum (ETH) is approaching $4,000, and historically, other cryptocurrencies, including meme coins like PEPE, have risen alongside ETH. Analysts recall earlier this year when similar whale activities preceded PEPE's price surge.
PEPE Price Set For Big Upside
Analysts believe that if PEPE maintains its momentum and breaks key resistance levels, it may reach values as high as $0.000058 or even $0.0001 under favorable conditions. Achieving these targets will require sustained investor interest and positive market trends.
While PEPE's potential for growth attracts attention, investors should conduct thorough research before making financial decisions, given the volatile nature of the cryptocurrency market.
Featured image from DALL-E, chart from TradingView