PEPE Coin Surges 11% as Whale Purchases Drive Demand
Pepe Coin, a meme coin on Solana, surged by 11% in the last 24 hours, outperforming Dogecoin and Shiba Inu, which gained only 1-3%. The PEPE price reached $0.000007385 with a trading volume exceeding $1.11 billion.
Whale Activity Driving Rally
The price increase is attributed to significant whale purchases. On March 12, three wallets bought a total of 689.79 billion PEPE for $5 million, all sourced from Tornado Cash:
- Wallet 0x7A7D: 437.7 billion PEPE for 1,413.4 ETH ($2.72 million)
- Wallet 0x9212: 158.58 billion PEPE ($1 million)
- Wallet 0x7779: 93.51 billion PEPE ($574,000)
This activity has led to an 18% increase in daily trading volume. PEPE futures open interest rose over 7.52% to $214 million, with liquidations surpassing $2.58 million.
Future Price Outlook
The Elder-Ray Index for PEPE turned positive, indicating a bullish sentiment shift. If this trend continues, PEPE may target $0.0000083. Conversely, if buying pressure weakens, it could drop below the $0.0000062 support level, potentially reaching $0.0000048.