Pepe Coin (PEPE) Rallies Over 80% in One Week as Whales Pile In

Pepe Coin has been making waves in the crypto market with an extraordinary price surge of over 80% in just one week.

Pepe Coin (PEPE) price has shot up more than 80% in the past week, and the frog-themed meme coin could be aiming for a technical breakout that may spark a rally toward $0.000021.

At press time, PEPE was trading at around $0.00001425, up 17% in the past 24 hours. The coin had hit a low of $0.000007 on May 5 and quickly recovered to hit a high of $0.000015 on May 11.

The recent rally saw PEPE break above the 200-day Exponential Moving Average and the 61.8% Fibonacci retracement level of $0.00001426, which could open the door for a technical rally toward $0.000021, predicts an analyst at Benzinga.

The Relative Strength Index (RSI) is currently above 70, which indicates strong buying pressure despite the coin being in overbought territory. The MACD indicator also shows a strong crossover with upward-trending histograms, confirming that buyers remain firmly in control of the market.

Moreover, the Average Directional Index (ADX) has reached 71.88, which is a particularly high reading for this indicator. This suggests that the current uptrend is powerful and unlikely to reverse in the immediate term.

"The combination of these technical factors, together with the massive increase in whale activity and trading volumes, suggests that PEPE is experiencing more than just a temporary surge," the analyst noted.

Indeed, transactions of $1 million to $10 million have increased by 750%, transactions of $100,000 to $1 million by 177.94%, and transactions of $10,000 to $100,000 by 173.93%.

This surge in large-volume trading indicates growing interest and confidence from institutional players and wealthy investors in PEPE’s upside potential.

One whale, who is being tracked by Lookonchain, initially went long on TRUMP before quickly closing that position and opening a new 10x leveraged long position on PEPE. The trader reportedly holds an unrealized profit of $81,000 already.

The futures market also tells a similar story of optimism. Open Interest in PEPE futures has now hit a record $595.36 million, up from $398 million just days ago.

This reflects new money flowing into the market and suggests growing confidence among traders. The long-to-short ratio has also increased to 1.09, the highest in more than a month.

Over $3 million in short positions were closed in a 24-hour period, with $1.14 million of those closures happening in just four hours. These forced liquidations of bearish positions have likely contributed to PEPE’s rapid price appreciation.

Despite significant outflows of PEPE to exchanges—$10.52 million on May 12 alone and $18.55 million over the week—the price has continued to rise, which suggests that strong buyer demand is outpacing the selling pressure.

Data from IntoTheBlock shows that the average holding time of transacted PEPE remains under one month, which indicates that while short-term traders are taking profits, long-term holders appear to be maintaining their positions in anticipation of further gains.

Bankless co-host and crypto analyst, Ben Armstrong, also believes that PEPE has the potential to rally toward $0.000021 in the short term.

"Next stop $0.000016, then we're going to $0.000021. Could even hit $0.00002649 if we get past $0.0000155. A 38% move if we close a daily candle above $0.0000155 would take us to about $0.000021. But if we don't get past $0.0000155, then we could pull back to $0.000013."

However, caution is warranted as the RSI’s extremely high reading of 85.40 signals an overbought market, which could lead to short-term pullbacks or a period of consolidation.

If a correction occurs, the first level of support lies at $0.000013, with deeper support at $0.00001.