After the price of Pepe (PEPE) rose to $0.00000826, Spot On Chain revealed that some large investors were buying more of the token. According to Spot On Chain’s post on X, one trader changed 3.67 million USDC and 300 WTAO (WrappedTAO) and bought 460.2 billion PEPE.
Another trade involved in the accumulation liquidated $1.12 million of his Shiba Inu (SHIB) holdings and bought 100 billion PEPE.
As the price rebounds ~23% (24H), two smart traders, who have earned $2M+ from $PEPE, added 560.2B $PEPE ($4.67M) to their holdings.
1. Trader 0xd93 spent 3.67M $USDC and 300 $WTAO (total: $3.86M) to buy 460.2B $PEPE ~10hrs ago.
• Previous profits from $PEPE: $2.52M.… pic.twitter.com/KyJx3iBHQ8
— Spot On Chain (@spotonchain) March 21, 2024
More Profits on the Way?
However, this was not the only time the participants bought the meme coin. Previously, the first trader made $2.52 million from the token. The second trader also has an estimated profit of $4.27 million.
But going with the moves these whales made, it does not seem like they would sell soon. This then begs the question if PEPE is likely to see more gains in the coming days.
As of March 14, the price of PEPE was $0.000010, marking an all-time high for the coin. But one day after, traders started to book profits, and by March 19, the value of the memecoin had corrected to $0.0000062.
PEPE’s Uptrend May Not Be Over
The 4-hour price analysis showed that bulls capitalized on the selling pressure, and built support around the same region. Furthermore, the intense buying pressure enabled the price of PEPE to break through the $0.0000075.
Despite the hike, the Relative Strength Index (RSI) showed that buying momentum remained present and PEPE was not overbought yet. With this condition, the value of the token has the potential to rise higher than $0.0000082.
In a highly bullish case, the price of PEPE might climb to $0.0000093. However, that could also be a resistance zone for the cryptocurrency. A close above that resistance could see PEPE attempt to revisit $0.000010.
However, if the price fails to break the hurdle, PEPE’s price might be forced back to $0.0000070. However, the Auto Fibonacci extension showed that a decline might not be next.
At press time, the 0.786 Fibonacci was at $0.0000097, suggesting that the region could be a good entry point for traders looking to long or hold the token for some time.
PEPE/USD 4-Hour Chart (Source: TradingView)
On the upside, the 3.618 Fib level was at $0.000023, indicating that the price of PEPE might extend to that point. If the accumulation of PEPE continues to troop in and is as large as the aforementioned one, the value of the token might rally over the coming week.
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