The cryptocurrency market might be feeling the chills of a recent downturn, but one meme coin is defying the freeze – Pepe Coin.
While altcoins shiver in the shadows of Bitcoin’s (BTC) recent 5% dip, PEPE is strutting its stuff with a sizable surge in the past month and a near 6% daily climb.
This bullish behavior has analysts like Crypto Tony croaking enthusiastically about a potential all-time high (ATH) for the meme coin.
A Beacon In The Bear Market
Unlike its altcoin brethren who crumbled during the recent market slump, the meme coin stood firm. This resilience suggests an underlying strength that could be attracting new investors and boosting investor confidence.
A Productive Month
The past month has been a good time to be a PEPE holder. The price has jumped a cool 20%, currently sitting at $0.058. Daily trading volume also paints a promising picture, clocking in at a noteworthy $755 million. This indicates healthy market activity and adds fuel to the bullish fire.
Whales Diving In: A Sign Of Things To Come?
The surge in whale activity is sparking excitement in the cryptocurrency community. Lookonchain data shows significant purchases by wealthy investors, indicating their confidence in the meme coin’s potential.
We noticed that some investors accumulated $PEPE!
0xa145 withdrew 350B $PEPE($3.44M) from #Binance 10 hrs ago.
He is good at swing trading $PEPE and has a profit of ~$2.66M on $PEPE. https://t.co/OcWKqsL14L0xa4Fd spent 1.09M $USDC to buy 123.66B $PEPE at $0.00000881 13 hrs… pic.twitter.com/55iL9W7CxT
— Lookonchain (@lookonchain) May 11, 2024
This trend reflects a broader shift in sentiment towards meme coins as legitimate investment opportunities, potentially driving further price increases and attracting more investors into the market.
Related Reading: Gas Gone Cheap! Ethereum Fees Plunge 93% To Rock Bottom Prices
An example of this would be the large withdrawal from Binance by address 0xa145, which totaled 350 billion tokens, or a little over $3 million. This action reinforces the positive feeling by signaling at the possibility of profitable swing trading opportunities.
PEPE is currently trading at $0.000008. Chart: TradingView
Analyst Chimes In
Adding to the bullish chorus is prominent crypto analyst Crypto Tony. He predicts a new high for the meme coin, citing the meme coin’s recent price action and inherent strength.
New high coming up for PEPE. Good to see some strength and clean price action here pic.twitter.com/lcZTysAu4z
— Crypto Tony (@CryptoTony__) May 11, 2024
This optimistic outlook from a respected voice in the crypto world is sure to catch the attention of investors seeking the next big gainer.
Featured image from Reddit, chart from TradingView