PEPE (PEPE) the Popular and Third-Biggest Meme Coin Is Getting Significant Attention from the Crypto Community

After experiencing a price drop of 20% in the last three days, Pepe (PEPE) the popular and third-biggest meme coin is getting significant attention from the crypto community.

Pepe (PEPE), the third-largest meme coin by market capitalization, has gained substantial attention from the crypto community following a 20% price drop over the last three days. On August 29, 2024, as PEPE’s price declined significantly, a profitable PEPE trader made a large bet once again.

According to the on-chain analytic firm Eyeonchain, the PEPE whale wallet address “0x612e” has spent 1.34 million USDC to purchase 173 billion tokens in the last 24 hours. Notably, he purchased 170 billion tokens in October 2023 and sold them in July 2024, generating a profit of over $1.77 million and a return on investment of over 886% in less than a year.

As PEPE’s price dropped significantly, reaching a low of $0.000007 on August 26, some investors and traders lost hope and sold their holdings at a loss. However, a few large investors, known as whales, remained optimistic and continued to accumulate PEPE tokens.

Now, with the whales’ recent investment, large buy orders are being observed on PEPE, and investors are expecting a similar rally as before.

Based on the expert technical analysis, PEPE looks bullish as it has recently taken support from the rising trendline and is now heading to break the previous day’s high. However, PEPE’s Relative Strength Index (RSI) signals a potential price reversal as it is in an oversold zone.

With this bullish outlook, based on the price action and historical price momentum, there is a high possibility that PEPE could soar by 23% to the $0.0000099 level.

Additionally, PEPE is moving in a symmetrical triangle pattern on a weekly time frame and is now approaching the breakout area. If market sentiment remains bullish and PEPE closes a weekly candle above the $0.0000102 level, we may see a significant upside rally of 65% in the coming days.

At press time, PEPE’s open interest has increased by over 3.5% in the last four hours, as indicated by the on-chain analytics firm CoinGlass. This increase in open interest suggests growing interest from investors and traders amid the recent price drop.

Whereas, PEPE is currently trading near the $0.0000081 level and has experienced an upside momentum of over 66.5% in the last 24 hours. Meanwhile, its trading volume has declined by 27%, indicating lower participation from traders.

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