Whales Stacking up on Pepe, Will Prices Spike Higher?

Key Insights:

• HyperLiquid whale stacks up pepe.
• Pepe up over 6% on 24 hours.
• Pepe charts show a critical zone approaching.

A crypto whale who accurately called PEPE’s 1,000x run in 2023 has returned with a bold leveraged long. On HyperLiquid, the trader opened a 10x long position worth $19.97 million on kPEPE, signaling high conviction in the meme token’s upside potential.

On-chain data confirms the whale holds 13.88 billion PEPE, acquired at $0.01409. As of now, the trade is up $408,085 with the token priced at $0.014381. Funding rates are turning positive, showing a long-side demand increase. The whale’s liquidation level at $0.010761 reflects a bet on sustained bullish momentum.

In addition to PEPE, the same wallet holds a 40x BTC long, reinforcing macro conviction despite broader market volatility. This activity comes as whale inflows into PEPE continue to rise.

PEPE Price Sees Mild Recovery, Up 4.17% in a Week

At the time of writing, PEPE, which recently also formed a bullish pennant, is selling for $0.00001376 per token, a 7-day gain of 4.17%, according to CoinMarketCap data. With a market cap of $5.79 billion and 24 24-hour volume of $1.34 billion (down 6.65% from yesterday), it is currently sitting on 455,301 BTC of circulating supply. The token had a robust volume-to-market cap ratio of 23.27% which confirmed that traffic volume more than its valuation.

With the rising interest in grassroots on the meme coin, the number of unique holders has also increased to 439,290.

After a flurry of activity mids week the market cooled but volume trends remain responsive to events from a market that has seen high visibility traders come back into play.

Pepe Charts Showing Consolidation Near Key Support Zones

Zooming out to the 4-hour PEPE/USDT chart on Binance we see that after a strong rally earlier this month, the project is now in consolidation mode. Both the 50-period (red) and 100-period (blue) exponential moving averages are converging near the $0.00001311–$0.00001373 zone, critical short term support band. The asset is trading just above these bands.

According to PEPE price action, after tops near $0.00001600, the pair declined below $0.00001300 few times where support has been. The following recovery candles have bullishb wicks, meaning bulls are accumulating and defending the area.

With the stochastic oscillator now reading 63.59 (blue) and 64.13 (orange), we can see that mild bullish momentum exists, but it’s not quite overbought. If volume does re-enter the market, this is what these readings are supporting as a potential upward continuation.

The volume oscillator (5,10) is however at -26.06%, indicating declining volume compared to the 10 period average. The speed with which this momentum has dropped implies that the current range of for bitcoin is being kept in place without strong buyer conviction, at least not yet.

Reviewing PEPE price behavior over the past week, we see the token resembling an oscillating process bound with a range between $0.00001300 and $0.00001420. If a decisive breakout above $0.00001450 occurs with accompanying growth in volume and continued whale activity, it would mean an end to the bearish pressure and open the door to a test of previous highs just under $0.00001600.

On the flip side, a breakdown below the converging EMA support zone tasks the pair with further downside pressure towards the historically key accumulation zone of $0.00001250–$0.00001220 which the pair visited at the end of April and beginning of May.

Disclaimer

In this article, the views and opinions stated by the author or any people named are for informational purposes only. And they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.