Pepe Coin Price Jumps 15% as Justin Sun Buys $51M in PEPE: Is More Upside Ahead?

Pepe Coin price climbed 15% to $0.00000494 on Wednesday, outperforming the crypto market and ranking among the top gainers. 

Reports linking the Tron founder to PEPE holdings worth $51.25 million fueled interest in the token. The advance brought the $0.000005 resistance level into focus ahead of the Federal Reserve’s decision.

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Justin Sun-Linked Wallets Hold $51.25M in PEPE, Arkham Reports

Arkham Intelligence reported on October 27 that wallets associated with Sun held approximately 2.82% of PEPE’s total supply. The estimate included both confirmed addresses and wallets attributed to him through blockchain analysis.

According to Arkham, the tokens reached these wallets during the preceding ten days, following substantial withdrawals from Poloniex. Two transfers on October 17 and October 26 carried PEPE worth a combined $48.76 million when they occurred.

The firm also traced token movements through Binance and HTX before the assets reached addresses associated with Sun. Arkham’s assessment placed him above other individual holders, excluding exchanges that hold assets for customers.

However, wallet transfers establish movements and balances rather than independently confirming the timing or cost of purchases. The reported holdings nevertheless drew attention to PEPE as traders weighed whether Wednesday’s gains could extend.

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Crypto Market Recovers Ahead of FOMC Meeting: Will Rally Continue?

The broader cryptocurrency market gained about 2%, lifting its total valuation to roughly $2.72 trillion during Wednesday’s recovery. Bitcoin traded above $81,400, while Ethereum held above $2,365 and XRP price extended its rebound from support near $1.30.

Attention now turns to the Federal Reserve’s October 28 policy announcement, scheduled for 2:00 PM ET. Fed Chair Kevin Warsh’s press conference follows at 2:30 PM ET.

For Pepe Coin’s price, a sustained move above $0.000005 could strengthen the case for further gains.

Pepe Coin Price Nears $0.00000500 as Bullish Momentum Builds

The PEPE price tested the $0.00000500 resistance area as bullish momentum strengthened on its four-hour chart.

A four-hour close above $0.00000500 would strengthen the case for another test of the $0.00000505 candle high. This clearing of that high may allow $0.00000550 to come into focus, equal to the upper horizontal resistance line and expected channel boundary as per Long-term PEPE projection. 

The MACD line crossed above to its signal line, and the green histogram bars widened, indicating that the upward momentum was gaining strength. The MACD line also posted a reading of nearly 0.00000010, which is higher than its signal line at around 0.00000002, helping to confirm that bullish stance.

However, the relative strength index reached 70.79, crossing the conventional overbought threshold, highlighting how sharply recent momentum.

On the downside, $0.00000460 marked the nearest major horizontal support, following PEPE’s recovery above that earlier resistance zone. An immediate recovery below this price level will undermine the bullish formation and will reveal the recent consolidation at $0.00000430.

PEPE Derivatives Volume Surges 128% as Open Interest Climbs 18%

The volume of Pepe derivatives trading rose by 128.08% to $692.43 million, based on the data provided. The number of outstanding derivatives contracts, expressed in terms of open interest, increased by 18.06% to $344.92 million.

The rise in activity may correspond with steeper price fluctuations, but numbers don’t indicate a clear trend. If buying pressure increases, Pepe’s price can increase and vice versa.