PEPE Gains 3% Amid Whale Activity and Market Consolidation
PEPE, an Ethereum-based memecoin, has risen 3% over the past 24 hours, now trading at $0.00002103. The token has seen an impressive 158% increase over the last month but remains 18% below its all-time high (ATH). After hitting its ATH of $0.00002104 two weeks ago, PEPE has consolidated within the $0.000022 to $0.000018 range. 
Whale Activity Driving Market Moves
Whale activity has played a significant role in PEPE’s price trends. For instance, a notable whale purchased 240 billion PEPE tokens for $3.64 million on May 29. Despite a price drop, the whale held onto the position for six months and sold it for $4.95 million, realizing a $1.31 million profit.
Recent data also indicates shifting trends in large holder movements. On December 3, whale net flows flipped from a net outflow of 534 billion tokens to a net inflow of 580 billion tokens. One whale accumulated over 337 billion PEPE tokens from Binance, valued at $7 million, over the past 20 days, fueling speculation that a fresh wave of accumulation could lead to further price surges.
Mixed Sentiment Among Whales
Despite increased accumulation by some whales, bearish sentiment has emerged among others. A whale recently deposited 356.2 billion tokens worth $7.3 million to Kraken, potentially signaling selling pressure. Unless another accumulation wave occurs, the token’s price may face downward momentum.
PEPE Price Outlook
Analysts suggest that PEPE could retest its resistance level at $0.0000227 if bullish momentum continues. Conversely, if bearish trends persist, the support level around $0.00001885 might be tested.
Key Takeaways
PEPE’s recent consolidation, coupled with whale participation, highlights the token’s volatility and uncertain price direction. Investors and traders are closely monitoring these developments, with optimism hinging on continued whale accumulation to drive another potential rally.
