Pepe Coin Whale Activity Rises 257%; Traders Expect Price Surge

Pepe Coin (PEPE) has grabbed market attention again, but this time not because of viral hype but due to a sharp increase in whale activity. Recent on-chain data from IntoTheBlock indicates a 257% surge in large transactions, prompting renewed interest across the crypto market.

This activity comes amid a broader market pullback. At the time of writing, PEPE is trading at $0.00001342, down around 4% over the past 24 hours. Bitcoin has dropped below $102,000, a level that had been viewed as key support, adding pressure to altcoins, especially more speculative ones like meme tokens. While PEPE’s price dip may seem typical, the rise in whale movements points to potentially more significant shifts behind the scenes.

What Does the Rising Whale Activity Mean?

Recent data from IntoTheBlock reveals a dramatic rise in whale transactions involving Pepe Coin. Trades ranging from $1 million to $10 million shot up by a staggering 750%, while smaller big-ticket trades between $100,000 and $1 million increased by about 178%. Even mid-sized moves from $10,000 to $100,000 climbed nearly 174%. This scale of movement often reflects calculated moves by institutions or well-capitalized entities repositioning based on anticipated shifts.

Some interpret this activity as a bullish signal—a reflection of growing confidence in PEPE’s upside potential. Notably, a whale recently exited a position in TRUMP Coin and took a 10x leveraged long on PEPE, now sitting on an unrealized profit of $81,000, according to on-chain tracker Lookonchain.

However, others caution that this kind of spike, especially after a significant rally, can be a red flag. Historically, similar whale activity in May, November, and December 2024 preceded local price tops. When the number of whale trades exceeds the 800-transaction mark, it has often foreshadowed profit-taking behavior and eventual corrections. This doesn’t guarantee a repeat, but it’s a pattern worth watching.

Key Resistance and Support Levels

From a charting perspective, PEPE faces some immediate hurdles. After briefly attempting to break the psychological resistance at $0.000015, the price failed to hold and retraced to $0.00001342, a nearly 4% drop in 24 hours. Yet, the coin is still up 46% over the past week, which is a good sign.

To confirm a bearish reversal, PEPE would need to break below the support level at $0.00001274. A four-hour candle closing beneath that threshold could trigger a drop to $0.00001063, aligning with the projected target of a double top pattern. Such a move would reflect a 25% decline from recent highs.

On the other hand, a sustained breakout above $0.0000155 could invalidate this bearish setup. If that happens, the next resistance is at $0.00002140, representing a potential 38% upside. Fibonacci analysis further reinforces this view, with the 23.60% retracement level aligning closely with the $0.000015 area. If bulls regain control, the path to $0.00001792 opens up.

Traders Stay Positive for Now

Despite the near-term uncertainty, sentiment in the derivatives market remains notably optimistic. Open Interest (OI) in PEPE futures currently stands at $583 million, hovering near all-time highs. This metric is a strong indicator of trader engagement and can precede sharp price moves.

Additionally, the Long/Short ratio on Binance reveals that 72% of traders are currently holding long positions, pushing the ratio to 2.57. This suggests a prevailing bullish bias among market participants, although elevated long positioning can also amplify downside risk if momentum stalls.

Still, it’s worth noting that meme coins like PEPE tend to thrive on social momentum and short-term narratives. In periods of Bitcoin consolidation or pullback, altcoins often react more sharply, both upward and downward. With Bitcoin now trading near $101,700 and risking a dip to the $93,100 range, the broader market’s behavior will be critical in determining PEPE’s short-term trajectory.

Potential Scenarios For Pepe

In summary, Pepe Coin’s recent surge in whale activity highlights growing interest from major investors, signaling potential shifts in the token’s price dynamics. While the short-term price action shows some weakness amid Bitcoin’s pullback, the elevated whale transactions and strong trader sentiment suggest that PEPE could be poised for a significant move, either a correction or a fresh rally.

As always, closely watching key support and resistance levels, along with broader market trends, will be essential for understanding where Pepe Coin heads next.