PEPE Memecoin Nearly Doubles Amid Whale Accumulation: Will the Rally Continue?

Key Takeaways:

• PEPE memecoin price increased over 75%, hitting $20.87 billion in 24-hour trading volume.
• Crypto whale accumulation has been a major factor driving the price increase since early November.
• Technical analysis shows a strong buy signal for PEPE, suggesting positive short-term momentum.

The Pepe memecoin has surged as one of the top-performing memecoins in the last 24 hours, achieving a rise of over 75% and ranking as the 15th largest cryptocurrency by market cap.

The Ethereum-based meme token peaked at $0.00002524 around 21:43 Wednesday, Eastern Time (ET), before declining 11.39% to $0.0000226 at press time.

Related: Alt Season Is Here: Expect ‘Biblical’ Price Pump for Altcoins Soon

Meanwhile, trading activity in the Pepe (PEPE) market has been impressive today. The 24-hour trading volume increased by 255%, reaching $20.87 billion.

This remarkable rise in Pepe's price can be linked to several factors, including massive whale accumulation, new listings on leading exchanges, and the overall positive trend in the crypto market, which has yielded outstanding returns on memecoins like Dogecoin (DOGE), Shiba Inu, Dogwifhat, and Peanut the Squirrel (PNUT).

Whales Buy PEPE Memecoin After Top-tier Listings

Crypto whales continued accumulating PEPE, beginning November 6, the day after the U.S. elections, to take advantage of expected growth. This strategy has proven profitable for those investors, as the price of Pepe coin has increased by approximately 120% since then.

However, the latest whale accumulations occurred after two of the leading American crypto exchanges listed the Pepe memecoin nearly simultaneously.

On Wednesday, Robinhood announced it would be listing Pepe (PEPE) alongside the relisting of other top altcoins: Cardano (ADA), Solana (SOL), and XRP. Recall that in June 2023, Robinhood delisted ADA, SOL, and MATIC from its platform after the SEC classified them as securities in its legal actions against Binance and Coinbase.

GM. Solana ($SOL), Pepe ($PEPE), XRP ($XRP), and Cardano ($ADA) are now available to trade on Robinhood.https://t.co/CBj6uKDkAZ pic.twitter.com/48wXE9zs8V

— Robinhood (@RobinhoodApp) November 13, 2024

Coinbase also decided to list Pepe shortly after the competitor made a similar decision, despite PEPE supporters having requested the “frog” to be added for several months.

Related: Cardano Price Prediction: Is ADA Heading to $1 After 25% Gains?

After the double listings, a whale wallet, “0x160f…Ab5B,” transferred 197.39 billion PEPE (equivalent to $4.8 million) out of Binance, as reported by on-chain analysis platform Lookonchain.

At the same time, some whales have begun to cash out. Lookonchain further indicated that a “giant” whale deposited 500 billion $PEPE, valued at $11.38 million, into the Coinbase exchange to realize profits.

A giant whale deposited 500B $PEPE($11.38M) into #Coinbase to take profits!

This whale spent 1,173 $ETH($2.04M) to buy 2T $PEPE from May 6 to September 10, 2023, and currently has 1.5T $PEPE($36M) left.

The total profit exceeds $45M!https://t.co/a5VL68Yja8 pic.twitter.com/VPhEC7yiAW

— Lookonchain (@lookonchain) November 14, 2024

This whale invested 1,173 Ethereum (ETH), amounting to $2.04 million then, to purchase 2 trillion $PEPE between May 6 and September 10, 2023, and currently holds 1.5 trillion $PEPE, valued at $36 million.

Technical Analysis: Will PEPE Continue Going Up?

The technical indicators for PEPE/USDT suggest a strong buy signal, indicating a positive outlook in the short term. PEPE's price shows significant upward momentum and is backed by multiple buy signals from various indicators.

Per TradingView data, 16 indicators suggest a buy, 9 are neutral, and only 1 signals a sell. This shows that market sentiment is currently optimistic about PEPE's price movement.

However, the oscillators show a neutral rating. The Relative Strength Index (RSI) and Stochastic %K values are high, suggesting that the PEPE memecoin is overbought.

The RSI is 88.85, and the Stochastic %K is 86.76. This overbought condition might lead to a consolidation phase or a potential pullback as buyers may start to take profits.

Related: $100 Million Flows Into Solana Memecoins – SOL Surges While Crypto Slumps

The moving averages also strongly support continued bullishness, with 14 buy signals across short- and long-term moving averages and no sell signals. Yet, traders should be careful of possible short-term corrections due to overbought oscillators, which could lead to a brief retracement before any further rally.