Pepe

PEPE

Pepe a token inspired by the 2000s meme “Pepe the Frog,” witnessed a strong whale selloff yesterday, Dec. 8, but the asset still continued its move upwards. 
Pepe (<a href="https://crypto.news/price/pepe/" target="_blank">PEPE</a>) rose to an intraday high of $0.000027 on Monday, <a href="https://crypto.news/pepe-hits-11b-market-cap-as-price-reaches-new-ath/" target="_blank">setting a new all-time high</a> and marking an increase of nearly 2000% since the beginning of the year, making it one of the best-performing assets. The altcoin’s market cap stood at over $11.37 billion, with the recent rally extending PEPE’s monthly gains to 157%. 
<figure class="wp-block-image size-full">
 <img loading="lazy" decoding="async" width="1200" height="800" src="https://crypto.news/app/uploads/2024/12/ITB_pepe_large_holders_netflow_ethereum_2024-12-09T07_04_53.868Z.png" alt="PEPE continues its rally despite whale selloff - 18" class="wp-image-14317463">
 <figcaption class="wp-element-caption">
 PEPE price and large holders net flows – Dec. 8 | Source: <a href="https://app.intotheblock.com/coin/PEPE/deep-dive?group=ownership&amp;chart=all" target="_blank" rel="nofollow">IntoTheBlock</a>
 </figcaption>
</figure> 
According to data from IntoTheBlock, Pepe’s large holder net flows shifted from a net inflow of 1.03 billion PEPE, valued at approximately $22.66 million on Dec. 6, to a net outflow of 1.96 trillion PEPE, worth over $50.9 million, by Sunday, Dec. 8. 
<a href="https://crypto.news/aave-whales-on-a-selloff-spree-can-the-altcoin-survive-the-dump/" target="_blank">Whale sell-offs</a> typically signal periods of panic or profit-taking, both of which often result in price declines. At this point, PEPE has recorded a 27.3% price surge over the past week, remaining unfazed by the large whale selloff. 
 You might also like: <a rel="" href="https://crypto.news/chainlink-price-boost-whale-moves-9-million-worth-aave/"> Chainlink price reaches highest level in years as whale moves $9.6m worth to Aave </a> 
<h2 class="wp-block-heading" id="why-is-pepe-price-surging">Why is PEPE price surging?</h2> 
A lot of the gains from PEPE came after the meme coin <a href="https://x.com/Zaza0x/status/1863977607219360035" target="_blank" rel="nofollow">got a surprise feature</a> on the prominent American news channel Fox news. On air, the meme coin was cited as a good investment alongside Bitcoin. 
Furthermore, retail investors flocked to buy the altcoin following its listing on major tier-1 exchanges, Coinbase and Robinhood, last month, allowing customers to purchase PEPE and capitalize on its gains. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <a href="https://twitter.com/search?q=%24PEPE&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">$PEPE</a> &gt; Access to coinbase and robinhood customers &gt; Retail finally showing up, they rushed to tech but will shortly remember they got outperformed by doge and shib &gt; Pepe beginning to infiltrate mindshare on reddit and tik-tok &gt; ETHBTC (probably) bottomed &gt; Still hasn't… <a rel="nofollow" href="https://t.co/1ovlLSQAx5" target="_blank">pic.twitter.com/1ovlLSQAx5</a>— Doc (@docXBT) <a href="https://twitter.com/docXBT/status/1865960218011603389?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">December 9, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
According to ITB <a href="https://app.intotheblock.com/coin/PEPE/deep-dive?group=ownership&amp;chart=all" target="_blank" rel="nofollow">data</a>, short-term PEPE holders have also surged by 263% over the last 30 days, reaching 80,450 unique addresses, which has pushed prices higher. 
Moreover, according to Coinglass <a href="https://www.coinglass.com/currencies/PEPE" target="_blank" rel="nofollow">data</a>, PEPE’s open interest has reached a new high of $370.8 million, reflecting a 9% increase in the past 24 hours. The term ‘PEPE’ was also seen trending on Google. 
<h2 class="wp-block-heading" id="analyst-eyes-19-rally-from-current-prices">Analyst eyes 19% rally from current prices</h2> 
Meanwhile, analysts expect a further rally in PEPE price after bullish patterns emerged on its daily chart. 
<a href="https://x.com/CryptoFaibik/status/1865990313451602252" target="_blank" rel="nofollow">According </a>to pseudo-anonymous analyst Captain Faibik, PEPE has broken out of a multi-month symmetrical triangle pattern, which could push its price up to $0.000031 in the short term, up about 19% from the current price level.&nbsp; 
Another market commentator with the moniker Chandler Bing <a href="https://x.com/chandlerbingpl/status/1865855392649015604" target="_blank" rel="nofollow">projected </a>a similar price target, noting that PEPE has formed a Cup and Handle pattern—a rare bullish signal in technical analysis—indicating the potential continuation of its ongoing rally. 
<figure class="wp-block-image size-full">
 <img loading="lazy" decoding="async" width="888" height="544" src="https://crypto.news/app/uploads/2024/12/PEPEUSDT_2024-12-09_12-33-23.png" alt="PEPE continues its rally despite whale selloff - 19" class="wp-image-14317464">
 <figcaption class="wp-element-caption">
 PEPE MACD and ADX chart — Dec. 9 | Source: <a href="https://crypto.news/price/pepe/" target="_blank">crypto.news</a>
 </figcaption>
</figure> 
With the MACD line crossing above the signal line, signaling a bullish reversal, and the Average Directional Index at 44—well above the 25 threshold, indicating a strong bullish trend—the price targets suggested by these analysts are highly likely to materialize in the coming days. 
However, the token could also see some sell-off as the recent rally has brought 97.6% of PEPE holders in profit. 
 Read more: <a rel="" href="https://crypto.news/uniswap-price-could-surge-45-analyst-explains-why/"> Uniswap ‘on steroids’ could propel rally to $45, crypto analyst says </a>

PEPE continues its rally despite whale selloff

Table of Contents

crypto.news

Other articles published on Dec 9, 2024

Trump’s $22B crypto bet takes center stage at Bitcoin MENA event

SuperEx丨At $100,000 a piece，How Can Ordinary People Hold on to Bitcoin?

Nigeria’s fintech secures $2B in 2024

Microsoft Could Add $4.9T by 2034 with Bitcoin, Claims Michael Saylor

Police move to arrest 601 bank customers that received proceeds of N11bn Flutterwave breach

Solana Crypto Fluctuates as Long Positions on SOL Surge: What’s Next?

Join our free newsletter for daily crypto updates!