Pepe Coin Breakout Imminent? $25 Billion Market Cap and 60% Gains in Sight According to Analysts
Simon Chandler is a Brighton-based writer and journalist with over ten years of experience writing about crypto, technology, politics and culture. He has written for Cryptonews.com since late 2017,...
The price of Pepe Coin has dropped by 2.5% in the past 24 hours, retreating to $0.00001016 as the crypto market falls by 3.5% today.
PEPE is now down by 4% in a week, with the meme token holding on to a 23% increase in a month and an impressive 1,350% increase in a year.
These moves come as whales have been accumulating PEPE, with some analysts beginning to suggest that it could target a market cap of $25 billion.
This is likely a best-case scenario, but with PEPE outperforming most other major tokens this year, it could be one of the biggest beneficiaries of the coming bull market.
While today may be a disappointment for Pepe perma-bulls, its woes at least put it in a position where it could rebound very soon.
Its indicators suggest it’s close to a short-term bottom, with its 30-period moving average (orange) about to fall below the 200-period today.
When this happens, we could see Pepe Coin recover quickly, with its relative strength index (purple) also close to hitting a bottom.
And for a coin that’s experiencing a near-term slide, Pepe’s trading volume remains healthy at around $1.2 billion today.
This indicates that demand for the token remains healthy, with data showing that some whales have been increasing their Pepe holdings in recent days.
This includes one trader who has purchased just over 33 billion PEPE in the past ten days, increasing their holdings to around 298 billion PEPE.
In the past 8 days, trader 304.eth has been buying $PEPE, total 33.11B ($313.6K).
During the same time, he also bought more 82.86M $WOJAK
