Will PEPE Price Rally As Whale Accumulates 1.79 Trillion Coins?

There is an ongoing shift in the market as PEPE price, along with other memecoins, is seeing a mild bearish breakdown. While the bearish shift has seen the memecoin market capitalization drop by 6.14% to $66 billion, some whales have taken the opportunity to buy the dip in anticipation of a potential breakout rally soon.

PEPE Price May Respond to Whale Buyup

According to data from Lookonchain, a dormant whale has come back to life after 2 years. Upon waking up, the whale created a new wallet from which it withdrew a total of 1.79 trillion PEPE from Binance Exchange. 

Valued at more than $22 million, this buyup has positioned the token for a liquidity crunch in the open market. According to an analysis of the whale’s wallet, there has been no prior exposure to the frog-themed memecoin, fueling the speculations around the surprising acquisition.

PEPE whale transactions have grown remarkably over the past week as the coin showed the biggest sign of breakout. PEPE price at the moment is not yet reflecting this reality. At the time of writing, the token was changing hands for $0.00001246, down by 8.64% in 24 hours.

The PEPE/USDT daily chart has hinted as sustained volatility for the memecoin moving forward. With a Relative Strength Index (RSI) of 63.23, the token is just shy of its oversold level. 

The dilation on the Bollinger Bands is the largest recorded since at least January 31. With this setup, volatility remains at play and can make or mar the direction of the token.

Historical Trend Defining PEPE Growth Outlook

Whale accumulations in the market is often a sign of a likely rally ahead. This expectation aligns with the PEPE price history as shown on Cryptorank.

The monthly returns show May is the best month for the token since its inception. Unlike every other month in the year, the PEPE price has not recorded any selloff in May since 2023. The Dogecoin challenger has an average growth rate of 82.3% for the month and is on track to beat this historical record with its 40.4% surge Month-to-Date (MTD).

In an earlier PEPE coin analysis, the targeted ATH this week as short sellers were caught in liquidations. This outlook remains at play as the analyst projects a likely shift for the memecoin moving forward.

Meanwhile, other meme coins like Dogecoin and Shiba Inu are also facing similar drawdowns. However, each token capitalizing on unique ecosystem trends, a potential breakout rally might be recorded soon.