Massive Whale Buy of 9 Trillion PEPE Coins – Price Surge Incoming?

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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.

After a brief jump earlier this morning, the PEPE price has cooled down somewhat, standing at a 0.77% gain over the past 24 hours, contributing to a wider 1.57% gain among meme coins.

Meanwhile, a whale accumulation of 9 trillion PEPE coins has sparked speculation of a potential PEPE price breakout.

Today’s growth has provided some much-needed relief from PEPE’s recent decline, down 7.48% since last Thursday – one of the worst affected among other notable meme coins.

Indeed, with this significant movement, traders appear to be more engaged with PEPE. The meme coin’s trading volume peaked around $500 million over the past 24 hours.

In a September 4th X post, on-chain transaction platform Whale Alert reported that an unknown whale moved 9 trillion PEPE from Bybit, one of the top crypto exchanges. This substantial transfer, valued at over $64.55 million, has sparked speculation about a potential PEPE price breakout.

This significant transfer, valued at over $64.55 million, has fueled speculation about a potential PEPE price breakout, and recent developments on the PEPE price chart seem to support this notion.

PEPE is currently confined within a falling wedge pattern, reflecting growing volatility as the asset navigates a period marked by fear, uncertainty, and doubt (FUD). As the asset unwinds its selling pressure, this pattern converges toward a potential breakout point.

However, momentum indicators suggest that selling pressure remains dominant. The Relative Strength Index (RSI) remains subdued, hovering around 40, indicating a bearish bias