Pepe Price Surges 7% as a Whale Offloads Over 1 Trillion PEPE To Binance Exchange

Highlights: 

• The Pepe price skyrockets 7% as trading volume surges.
• Pepe Coin Whale has offloaded over 1 trillion PEPE to Binance exchange.
• With support at $0.00000922 intact, will the bulls trigger a rally?

The PEPE price has risen 7%, with the meme coin trading at $0.0000096 at press time. Its trading volume has notably spiked 54% to $974.70 million, showing increased market activity. Despite the surge, PEPE is down 5% in a week and 15% in a month. 

Meanwhile, a Pepe coin whale has transferred over a trillion Pepe (PEPE) coins to Binance. Arkham monitored this recent transaction, estimated to have a value of $11.51 million. 

Pepe Coin Whale offloaded over 1 trillion PEPE to Binance exchange

The updates of October 28th on Whale Alert has shown that the holder moved 1.27 trillion coins which hold a value of $11.51 million to Binance

What’s next for $PEPE ?$ETH #memecoin #PepeArmy #PEPEMAGA pic.twitter.com/DJp13ohXrV

— CYPTO TOP NEWS (@Cyptotopnews) October 28, 2024

Significant transfers often attract attention and can lead to price volatility. The recent PEPE transfer is no exception, drawing scrutiny from traders eager to gauge potential price shifts. Moreover, analysts anticipate that this transaction may influence PEPE’s market performance, mainly as observers speculate on Binance’s future strategy regarding Pepe.

Pepe Statistical Data

Based on CoinmarketCap data:

• PEPE price now – $0.0000096
• Trading volume (24h) – $974.70 million
• Market cap – $4.06 billion
• Total supply – 420.69 trillion
• Circulating supply – 420.69 trillion 
• PEPE ranking – #24

The frog-themed memecoin is struggling to break above the ascending channel as it has retested the lower boundary of the pattern. However, the bulls might show resilience as the crypto market has flipped bullishly. The Pepe price has flipped above the $0.00000922 support level, coinciding with the 50-day SMA. However, to be safe, the bulls must launch an attack, dismantling the $0.00000970 resistance to prop Pepe’s price for the run-up to $0.00001. 

Elsewhere, crypto analyst Dany is optimistic about the rise of the Pepe price in the short term, as the meme coin has surged in the past 24 hours. Things are improving in the PEPE market, as the meme coin is on the cusp of a bull run. He has mentioned that “a new ATH is coming soon” in the frog-themed meme coin. 

PEPE with 4% move upward in the last 24 hours

Currently trading at $0.0000097 and looking bullish

New ATH for $PEPE soon? pic.twitter.com/knpRk85MI0

— DANY (@Dany_Crypto1) October 29, 2024

Pepe Price Technical Outlook

The Relative Strength Index(RSI) sits at the 50-mean level, or the equilibrium position. This position often indicates that neither the buyers nor the sellers have the upper hand, as both struggle to gain control, with neither giving in. However, increased momentum will cause the Pepe price to break in either direction. 

The Moving Average Convergence Divergence (MACD) introduces a bearish outlook, suggesting a sell signal. This is evident as the blue MACD line has crossed below the orange signal line, tilting the odds in favor of the sellers. Increased selling pressure at this level will cause the PEPE price to plunge if the bulls don’t build momentum.

Pepe Price Outlook: Will the Bulls Gain Momentum?

Based on the daily chart timeframe, the Pepe price portrays mixed reactions; however, the odds tend toward the downside. Meanwhile, the PEPE price will fall if the bears capitalize on the MACD and 200-day SMA, which portray bearish prospects. On the downside, the $0.000007211 support level will cushion against downward pressure. 

On the upside, Pepe could surge with the $0.00000922 support intact. If a strong tailwind builds behind PEPE, the bulls can obliterate the $0.0000097 barrier, reclaiming the $0.00001 in the short term.