Pepe Price Projected To Increase 7x As Whales Acquire 10 Trillion Tokens
In December, the cryptocurrency market has shifted its focus to popular meme coins, with analysts predicting significant gains in the coming quarter. Among the top contenders, PEPE coin is expected to experience a surge in price, potentially rising by 800 in the upcoming months.
Could PEPE Join the Top 10 Cryptos?
PEPE, currently ranked 19th in market capitalization according to CoinMarketCap, has seen a notable 113.66 increase in value over just 24 hours. This momentum suggests that PEPE could potentially break into the Top 10 cryptocurrencies.
PEPE is a deflationary meme coin based on the Ethereum blockchain, inspired by the "Pepe the Frog" meme from the early 2000s. Aiming to replicate the success of other meme coins like Dogecoin DOGE and Shiba Inu SHIB, PEPE differentiates itself by imposing no transaction fees and focusing on creating a community centered around memes.
In mid-2023, PEPE reached a market cap of 1.6 billion, driven by strong interest from the crypto and meme communities. The ERC-20 token utilizes a burning mechanism to reduce supply and rewards long-term holders through redistribution.
The post-U.S. presidential election period, following Donald Trump's victory, saw a resurgence in the crypto market, with Bitcoin BTC reaching new highs. This momentum has extended to altcoins and meme coins, including PEPE.
Whale Activity Sparks Optimism for PEPE
December has seen PEPE reach its highest valuation in months, largely driven by crypto whales accumulating 10 trillion PEPE coins. This surge in buying suggests a bullish outlook, with some predicting the price could increase sevenfold.
Blockchain analytics firm Santiment reported a significant drop in the supply of PEPE on exchanges, indicating reduced selling pressure as holders move their tokens to private wallets. Additionally, the number of non-exchange addresses holding PEPE has increased, suggesting rising interest from large-scale investors, particularly whales. These market influencers often drive significant price movements.
The 10 trillion PEPE coins, valued at 204 million, reflect strong long-term confidence in the asset. This type of accumulation often precedes substantial price rallies, as seen in previous crypto market trends.
On November 24, PEPE surpassed the 0.00002 mark and continued to climb, breaking its all-time high of 0.00002524, which represented a 120 increase over a 30-day period.
Technical analysis of PEPE's price chart shows a bullish engulfing pattern, indicating continued upward momentum. The current bullish pennant has a target of 1,858, setting a price target of 0.000151. If this pattern holds, PEPE could see a 658 increase, reaching 0.000151, further fueling excitement in the meme coin space.
