PEPE Surges 80% in Five Days, Whale Activity Spikes 750%

PEPE, a popular memecoin, has recently garnered significant attention from traders and investors due to its impressive performance. Over the past five days, the memecoin has surged over 80%, breaching multiple resistance levels and reaching a point where selling pressure has historically been significant. Despite concerns about potential downside momentum, whale activity in PEPE has surged, indicating rising interest and confidence in its upside potential.

According to data, transactions between $1 million and $10 million spiked by 750%. Additionally, transactions ranging from $100,000 to $1 million increased by 177.94%, and those between $10,000 and $100,000 rose by 173.93%. This surge in whale participation suggests that industry giants are betting on PEPE to continue its upward momentum. Furthermore, a crypto whale initially went long on TRUMP before quickly closing the position and opening a new 10x long on PEPE, reflecting growing bullish sentiment around the memecoin.

At the time of writing, PEPE was trading near $0.000015, having surged over 17% in the past 24 hours. This strong bullish outlook has fueled retail investor participation, pushing trading volume up significantly. According to technical analysis, PEPE appears bullish and is attempting to breach the key resistance level at the $0.000015 mark. The daily chart reveals that the last time the memecoin reached this level, it faced selling pressure followed by downward momentum. However, this time, sentiment appears notably stronger, with whale interest surging.

Based on recent price action and historical trends, if the memecoin breaks past resistance and closes a daily candle above $0.0000155, it could gain another 38%, potentially reaching the next resistance at $0.00002140. However, PEPE’s Relative Strength Index (RSI) was at 85.40, signaling an extremely overbought zone and hinting at a possible price correction in the coming days. This potential correction could temper the bullish sentiment and provide a more stable environment for further growth.