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On December 14, 2024, a sleeper whale wallet made waves in the cryptocurrency market by transferring 2.1 trillion PEPE tokens worth over $52 million. This large transfer, which occurred after 600 days of inactivity, has sparked excitement and speculation about a possible price increase for the popular meme coin.
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Analysts are closely following PEPE’s moves, anticipating a likely rebound that could take its value to $0.00005 or higher.
Whale activity indicates a potential increase
The current behavior of whales is notable in the cryptocurrency market because massive transfers can reflect confidence in an asset or predict future price swings.
Historically, similar fluctuations have preceded large price increases. The whale who executed this transfer originally purchased the tokens for 0.0135 ETH (around $27), resulting in an astonishing return on investment of around 1.9 million%.
A $PEPE the whale that remained inactive for 600 days transferred all 2.1T $PEPPER($52 million) to a new address.
This whale initially spent only 0.0135 $ETH($27) to buy 2.1T $PEPPER and has held it until now.
From $27 to $52 million: an extraordinary 1,900,000 times return! https://t.co/Et442zxUGk pic.twitter.com/35sp0Iu46E
—Lookonchain (@lookonchain) December 14, 2024
Experts predict that if PEPE manages to break out of the immediate resistance level of $0.00002810, it will quickly rise to $0.000036.
The technical data supports the positive atmosphere. Currently at $0.00002442, the 10-day moving average shows short-term resistance; the 50-day moving average indicates major support.
Furthermore, the Relative Strength Index (RSI) stands at 54.4, suggesting neutral momentum with the possibility of further development. The MACD is also showing positive activity, which supports the idea that a price increase is just around the corner.
Healthy cryptocurrency market
The cryptocurrency market as a whole is improving and this increase in whale activity is happening at the same time. This is especially true as Ethereum (ETH) approaches $4,000.
In the past, other cryptocurrencies, even meme coins like PEPE, have grown alongside ETH. Analysts are drawing comparisons to earlier this year, when similar whale movements occurred before the price of PEPE rose.
PEPE price set for big upside
Analysts believe that if PEPE maintains its pace and breaks major resistance levels, it could reach values as high as $0.000058, or perhaps $0.0001 in favorable market conditions. However, achieving such ambitious goals will require continued investor interest and broader market trends.
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Although PEPE’s growth potential excites investors, before making any financial decisions, they should be careful and do a thorough study.
Anyone wanting to engage in this volatile industry must stay abreast of market dynamics and trends as the cryptocurrency ecosystem changes rapidly.
Featured image from DALL-E, chart from TradingView