PEPE Surges 30% in 48 Hours Driven by Whale Purchases and Exchange Outflows

PEPE, a memecoin, has experienced a significant surge in value, jumping 30% over the past 48 hours. This impressive performance has been driven by a combination of factors, including substantial purchases by whales, notable outflows from exchanges, and bullish technical indicators.

One of the key drivers of this rally is the substantial purchase made by a whale. A blockchain-based transaction tracker reported that a whale wallet address spent $2.68 million to acquire 227.8 billion PEPE. This purchase occurred just ahead of Bitcoin reaching its all-time high, indicating a strategic move by the whale to capitalize on the market momentum.

In addition to whale activity, exchanges have recorded a significant outflow of PEPE. Over $9.80 million worth of PEPE has left exchanges in the past 48 hours. This outflow suggests that investors are accumulating the memecoin, which can lead to increased buying pressure and further fuel the rally.

At the time of reporting, PEPE was trading near $0.000001273, marking a 15% price increase in the past 24 hours. This price surge has been accompanied by a 70% increase in trading volume compared to the previous day, indicating strong upward momentum and buying pressure. This momentum could help PEPE sustain its recent gains.

Technical analysis of PEPE reveals that the memecoin is currently in an uptrend. It has broken out of a prolonged descending trendline, a consolidation zone, and the 200-day Exponential Moving Average (EMA). Following this breakout, PEPE has printed three consecutive bullish green candles, signaling strong upward momentum. If this trend continues, the asset could climb another 22%, potentially reaching the $0.000016 level. However, a price dip may trigger a correction, with a possible retest of the breakout zone or the 200-day EMA.

Traders have shown strong interest in long positions, indicating a bullish sentiment. At the time of writing, traders were over-leveraged at the $0.00001246 level, where they have built $2.61 million worth of long positions. Meanwhile, $0.00001296 was another over-leveraged level, with $1.65 million worth of short positions built by traders. This data suggests that bulls are currently dominating the memecoin, and there is a strong possibility that the asset could continue to maintain its upward momentum.