- Whales were actively accumulating PEPE while its price increased.
- Most market indicators looked bullish on the memecoin.
While the crypto market turned bullish, Pepe [PEPE] caught investors off guard as it registered explosive growth in the last 24 hours.
Meanwhile, buying pressure on the memecoin started to rise, suggesting that its bullish price action would continue further.
PEPE’s bullish turn
CoinMarketCap’s data revealed that in the last 24 hours alone, the memecoin’s price increased by more than 28%.
At the time of writing, PEPE was trading at $0.00001237 with a market capitalization of over $5.2 billion, making it the 22nd largest crypto.
Thanks to the recent price increase, nearly 80% of PEPE investors once again were in profit, as per IntoTheBlock’s data.
The double-digit price increase gave investors hope about the possibility of PEPE entering the top 20 list, as the market cap difference between the memecoin and the 20th largest crypto was just over $200 million.
Meanwhile, Lookonchain posted a tweet that suggested high confidence in the memecoin.
As per the tweet, Nascent deposited 1,215 MKR, worth $3.41 million, to Binance [BNB], then withdrew 141.23 billion PEPE, worth $1.57 million, 281K Lido DAO [LDO] tokens, and 3.4 million USDT from Binance.
AMBCrypto then planned to analyze Santiment’s data to better understand how investors were behaving. As per our analysis, PEPE’s supply held by top addresses increased sharply over the last week.
This clearly meant that the whales were actively stockpiling the memecoin. Its Exchange Outflow also spiked, reflecting a rise in buying pressure.
However, buying pressure overall in the market didn’t increase much, evidenced by the memecoin’s closely-knit Supply on Exchanges and supply outside of exchange graphs.
Source: Santiment
PEPE on the top 20 list: Confirmed?
AMBCrypto’s look at Coinglass’ data revealed that the memecoin’s Long/Short Ratio increased. A rise in the metric meant that there were more long positions in the market than short at press time.
So, bullish sentiment around the memecoin was rising.
Source: Coinglass
Read Pepe’s [PEPE] Price Prediction 2024-25
If the price rise continues, then the chances of PEPE entering the top 20 list are high. To further confirm our notion, AMBCrypto took a look at the memecoin’s daily chart. We found that MACD displayed a bullish crossover.
Additionally, both its Relative Strength Index (RSI) and Chaikin Money Flow (CMF) registered upticks, indicating that the memecoin might continue its bull rally.
Source: TradingView