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On December 14, 2024, a dormant whale wallet transferred 2.1 trillion PEPE tokens worth over $52 million, sending ripples through the crypto market. This massive transfer, which took place after 600 days of inactivity, sparked excitement and speculation about a possible price increase for the popular meme coin.
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Analysts are closely following PEPE's movements and are expecting a pullback that could push its value above $0.00005.
Whale activity suggests possibility of rapid increase
The current behavior of whales is noteworthy in the cryptocurrency market, as large transfers can reflect confidence in an asset or predict future price movements.
Historically, large price increases have been preceded by similar fluctuations. The whale that made this transfer originally purchased the tokens for 0.0135 ETH (approximately $27), resulting in an impressive return on investment of approximately 1.9 million percent.
a $PEPE Whale that was dormant for 600 days moves all 2.1 tons $PEPE($52 million) to the new address.
This whale initially only used 0.0135 $ETHBuy 2.1T for ($27) $PEPE And I've kept it until now.
From $27 to $52 million, an incredible 1,900,000x return! https://t.co/Et442zxUGk pic.twitter.com/35sp0Iu46E
— Lookonchain (@lookonchain) December 14, 2024
Experts predict that if PEPE can break through the immediate resistance level at $0.00002810, it will quickly rise to $0.000036.
Technical numbers confirm the positive vibes. Currently at $0.00002442, the 10-day moving average is showing short-term resistance. The 50-day moving average shows significant support.
Moreover, the Relative Strength Index (RSI) was found to be 54.4, suggesting neutral momentum with a possibility of further development. The MACD is also showing some positive movement, supporting the idea that price appreciation is about to turn the corner.
PEPE's market capitalization is currently $9.14 billion. Chart: TradingView
Healthy virtual currency market
The overall crypto market is improving, and this has coincided with an increase in whale activity. This is especially true as Ethereum (ETH) approaches $4,000.
In the past, other cryptocurrencies and even meme coins like PEPE have grown alongside ETH. Analysts are drawing comparisons to earlier this year, when there was a similar whale move before PEPE prices rose.
The price of PEPE increased last month. Source: Coin Gecko
PEPE Price Set for Big Rise
Analysts believe that if PEPE maintains its pace and breaks through key resistance levels, it could reach $0.000058, or even $0.0001 in favorable market conditions. However, achieving such lofty goals requires continued investor interest and larger market trends.
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While PEPE's potential for upside excites investors, it should be researched carefully and thoroughly before making any financial decisions.
The cryptocurrency ecosystem changes rapidly, so anyone looking to get involved in this volatile industry needs to stay on top of market dynamics and trends.
Featured images from DALL-E, charts from TradingView
