Pepe Coin (PEPE) price may be on the verge of a parabolic bull run as whale activity suggests large addresses are rapidly accumulating the meme coin.

Pepe Coin (PEPE) price may be on the verge of a parabolic bull run as whale activity suggests that large addresses are rapidly accumulating the meme coin.

On-chain data shows that one of the largest PEPE addresses has withdrawn 1.5 trillion tokens from exchange giant Binance, a move that hints at a potential upward trend in the near future.

At press time, PEPE is trading at $0.0000089, showing a slight 1% gain for the past 24 hours. Data from CoinMarketCap reveals that at press time, PEPE had $425M in trading volumes, which was nearly three times higher than Shiba Inu.

1.5 Trillion PEPE Tokens Leave Binance As Apex Remains Key

An address holding 1.5 trillion PEPE tokens and other assets worth $147 million has withdrawn the meme coin from Binance, according to on-chain tracker Lookonchain.

The withdrawal comes as the meme coin records a drastic surge in the supply held on exchanges, an issue that could trigger a supply squeeze.

Data from Santiment also shows that the supply of Pepe Coin held on exchanges has plummeted to 107 trillion tokens, and it sits at the lowest level in one year.

These withdrawals from traders hint at a notable surge in demand, which could fuel a parabolic rally in the coming weeks.

Analysts have also made a bullish Pepe Coin price prediction, with one stating that the meme coin may be on the verge of a 130% rally to $0.000021.

The analyst, based this prediction on the pending breakout from a descending trendline, which may spark the next PEPE bull run.

Key Prices Levels To Watch For PEPE

The daily price chart suggests that Pepe Coin may be at a pivotal point and eyes a breakout past major resistance levels.

The first key resistance is the neckline of a massive double bottom pattern at $0.0000093, a level that PEPE has been teasing to breach for nearly two months.

If a breakout above this neckline is confirmed, and this top meme coin also makes a decisive close above the psychological level of $0.00001, it will spark a parabolic run to $0.00002, which aligns with analyst Dami DeFi’s prediction.

Conversely, if a bullish breakout fails and instead the PEPE price plunges, the key support level to watch is $0.00000587, a level that may wipe out all of the recent gains.

The RSI indicator is also a key metric to watch as it nears a pivotal point following a series of higher highs for most of this month.

With the reading of 59, the RSI shows that the bullish momentum is strong, but if it continues with the downtrend and plunges below the signal line, it may create a sell signal and spark a steep decline in the price.

To sum up, the recent withdrawal of 1.5 trillion PEPE tokens and the decline in supply on exchanges suggest that this meme coin may be on the verge of a supply squeeze that will spark an uptrend. Going by analyst projections and the double-bottom pattern formation, Pepe Coin price may soon surge to $0.000021. Frequently Asked Questions (FAQs)

Will Pepe Coin rally after a whale withdrew 1.5 trillion tokens from Binance?

Yes, the recent withdrawal of 1.5 trillion PEPE tokens and decline in supply on exchanges suggest that this meme coin may be on the verge of a supply squeeze that will spark an uptrend.

How high can PEPE rally in the near term?

Analyst projections and the double-bottom pattern formation suggest that Pepe Coin price may soon surge to $0.000021.

Can PEPE flip Shiba Inu in market cap ranking?

If Pepe Coin continues its upward trajectory and manages to surge past Shiba Inu in market cap, it could become the third largest cryptocurrency, placing it in the same league as Bitcoin and Ethereum.

The post Pepe Coin Price May Soar 130% As Whale Activity Hints At A Potential Trend appeared first on Tokenopedia.

The post Pepe Coin Price May Soar 130% As Whale Activity Hints At A Potential Trend appeared first on Tokenopedia.

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