Is PEPE Ready to Pop? Volume Blasts Past $1 Billion – Are Whales Dip Buying?
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.
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.
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.
A whale named “cookislandstrust.eth” is trying to buy $PEPE at dip again!
In the past 7 days, the whale has spent a total of 3.13M $USDT to buy 420B $PEPE on 2 occasions, including the big dump on Aug 5
