Pepe coin price was seen fluctuating over the past 2 days, as it dropped after a big rally, and now seems on the path to recovery once again.
In this time, major cryptocurrency whales made substantial purchases of the popular meme coin during the recent market crash.
On-chain data revealed that three large wallets acquired nearly 690 billion PEPE tokens, worth approximately $4.3 million.
The purchases came at a time when the overall crypto market faced downward pressure.
Despite this bearish trend, a day earlier PEPE showed resilience, posting a 14% price increase in 24 hours.
Post that, however, it fell to $0.00006534 only to emerge, reaching $0.000006986 after a 1.68% 24-hour hike.
Tornado Cash Wallets Scoop Up Billions of PEPE
Blockchain intelligence firm Lookonchain has tracked three wallets that purchased a combined 689.79 billion PEPE tokens valued at approximately $4.3 million.
All three wallets were linked to Tornado Cash, a crypto mixing service that allows users to maintain anonymity when moving funds.
The largest purchase came from a wallet identified as 0x7A7D, which spent 1,413.4 ETH ($2.72 million) to buy 437.7 billion PEPE tokens.
The second wallet, 0x9212, allocated $1 million to acquire 158.58 billion PEPE.
The third wallet, 0x7779, used 299 ETH ($574,000) to purchase 93.51 billion PEPE.
These large-scale purchases occurred within an 11-hour window, according to Lookonchain’s data.
The timing of these acquisitions has drawn attention from market watchers, as they happened during a cryptocurrency market downturn.
PEPE/DOGE Pair Signals Potential Bull Run
Traders and analysts are watching the PEPE/DOGE trading pair for signs of a possible meme coin resurgence.
CEO of Because BTC, Max took to X to highlight what he calls “THE SIGNAL” for meme coins.
He added that this metric helped him identify what he termed a “generational entry” on PEPE back in 2023.
Max’s analysis suggests that comparing PEPE to Dogecoin, often considered the benchmark for meme cryptocurrencies, offers valuable insight into potential price movements.
According to his post, the current chart setup mirrors patterns seen before previous rallies.
“A second chance is brewing here for those who missed it last run,” Max told his followers, hinting that current market conditions might present a similar opportunity to the one that launched PEPE to its previous highs.
The comparison between PEPE and DOGE has become a common method for traders to gauge relative strength among meme tokens.
When PEPE gains value against DOGE, many interpret this as a bullish indicator for the entire meme coin sector.
PEPE Coin Price Action and Future Outlook
PEPE coin has shown resilience, climbing 14% in the past 24 hours to $0.000000635.
The token reached a high of $0.0000007387 during this period, highlighting the volatility during this period.
Looking ahead, Coincodex data projects a bullish long-term trajectory for the token.
Their current prediction suggests PEPE could rise by 226.41% to reach $0.00002293 by April 12, 2025.
This forecast stands in contrast to short-term technical indicators that point to a more cautious outlook.
The current market sentiment for PEPE is labeled as “Bearish” according to technical analysis tools.
This assessment is reinforced by the Fear & Greed Index reading of 45, which falls into the “Fear” category.
Such indicators often showcase short-term market psychology rather than fundamental value.
Over the past month, PEPE has recorded 14 green days out of 30, translating to a 47% positive performance rate.
The token has exhibited price volatility of 16.11% during this period, a figure that aligns with the broader meme coin market behavior.
Despite the long-term positive price prediction, Coincodex currently advises that “it’s now a bad time to buy Pepe Coin.”
This recommendation likely factors in the current bearish sentiment and market conditions.
The post PEPE Coin Price: Is A Second Rally Brewing? appeared first on The Coin Republic.
The Coin Republic – Read More