Pepe Coin Price Spikes as Whales Begin Massive Accumulation Spree, Signaling a Potential PEPE Price Surge

The price of PEPE soared by 13% over the last 24 hours, hitting a high of $0.000096 before retracing to settle around $0.0000923

Pepe Coin price spiked over the last 24 hours following the victory of Donald Trump in the U.S. election and a massive accumulation spree by whales. The meme coin fiyatı rose by 13% hitting highs of $0.000096 before retracing slightly to trade around $0.0000923 at 06:10 a.m. ET.

Whale Accumulation Signals Pepe Coin Price Breakout

According to data from Santiment, large transactions involving whales with $1 million or more in net worth reached two-month highs on Monday. This indicates the increasing interest from these large players in the market.

The asset price bounced from a key support level after which whales began accumulating PEPE. The buying spree was also fueled by Donald Trump winning the U.S. election and Dogecoin (DOGE) price surging by over 25%.

Pepe active addresses also saw a two-week high, indicating increased user engagement and transaction activity. This could lead to higher demand and potentially drive up the PEPE price.

Furthermore, the daily on-chain transaction volume in profit-to-loss ratio also surged to 2.88, breaking a one-month high. This signifies that for every PEPE transaction in loss, about three are in profit. This makes investing in Pepe coin more profitable overall, increasing investors’ confidence in future price increases.

The news of Robinhood adding support for PEPE also contributed to the shift in market sentiment and increased whale purchasing.

Derivative Traders Are Bullish on PEPE Price

Data from Coinglass shows that futures traders are gearing toward pushing PEPE prices even higher.

Pepe Coin price surged by 11% over the last 24 hours while the PEPE open interest increased by 2.1%. Combining these two metrics, they indicate that traders are closing their shorts in profit, likely to shift toward opening longs. This suggests that Pepe Coin price may surge higher over the next few days.

Pepe Coin Price Analysis: Bull Pennant Hints Rally To $0.00021

Pepe Coin price formed a bull pennant on the 4-hour chart, hinting at a potential 130% breakout rally. This technical formation is created when an asset consolidates within a descending triangle pattern after a strong uptrend. The breakout usually occurs in the direction of the prior trend.

In this case, the bull pennant forms after a strong bullish impulse that drove PEPE price up by over 300% from the recent lows of $0.00005. A breakout from this bull pennant will likely see Pepe Coin price rally toward the $0.00021 resistance level.

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