Plunge

Rock

Pepe

Pepe (SOLANA)

The cryptocurrency market might be feeling the chills of a recent downturn, but one meme coin is defying the freeze – Pepe Coin. 
While altcoins shiver in the shadows of Bitcoin’s (BTC) recent 5% dip, PEPE is strutting its stuff with a sizable surge in the past month and a near 6% daily climb. 
This bullish behavior has analysts like Crypto Tony croaking enthusiastically about a potential all-time high (ATH) for the meme coin. 
<h2 data-sourcepos="5:1-5:36" id="strong-a-beacon-in-the-bear-market-strong">A Beacon In The Bear Market</h2> 
Unlike its altcoin brethren who crumbled during the recent market slump, the meme coin stood firm. This resilience suggests an underlying strength that could be attracting new investors and boosting investor confidence. 
<h2 data-sourcepos="9:1-9:44" id="strong-a-productive-month-strong">A Productive Month</h2> 
The past month has been a good time to be a PEPE holder. The price has jumped a cool 20%, currently sitting at $0.058. Daily trading volume also paints a promising picture, clocking in at a noteworthy $755 million. This indicates healthy market activity and adds fuel to the bullish fire. Whales Diving In: A Sign Of Things To Come? 
The surge in whale activity is sparking excitement in the cryptocurrency community. Lookonchain data shows significant purchases by wealthy investors, indicating their confidence in the meme coin’s potential. 
<blockquote class="twitter-tweet"> 
 We noticed that some investors accumulated <a href="https://twitter.com/search?q=%24PEPE&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">$PEPE</a>! 
 0xa145 withdrew 350B <a href="https://twitter.com/search?q=%24PEPE&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">$PEPE</a>($3.44M) from <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">#Binance</a> 10 hrs ago. He is good at swing trading <a href="https://twitter.com/search?q=%24PEPE&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">$PEPE</a> and has a profit of ~$2.66M on <a href="https://twitter.com/search?q=%24PEPE&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">$PEPE</a>. <a href="https://t.co/OcWKqsL14L" rel="nofollow" target="_blank">https://t.co/OcWKqsL14L</a> 
 0xa4Fd spent 1.09M <a href="https://twitter.com/search?q=%24USDC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">$USDC</a> to buy 123.66B <a href="https://twitter.com/search?q=%24PEPE&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">$PEPE</a> at $0.00000881 13 hrs… <a href="https://t.co/55iL9W7CxT" rel="nofollow" target="_blank">pic.twitter.com/55iL9W7CxT</a> 
 — Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1789130204402860091?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">May 11, 2024</a>
</blockquote> 
This trend reflects a broader shift in sentiment towards meme coins as legitimate investment opportunities, potentially driving further price increases and attracting more investors into the market. 
Related Reading: <a href="https://bitcoinist.com/gas-gone-cheap-ethereum-fees-plunge-93-to-rock-bottom-prices/" target="_blank" rel="noopener ">Gas Gone Cheap! Ethereum Fees Plunge 93% To Rock Bottom Prices</a> 
An example of this would be the large withdrawal from Binance by address 0xa145, which totaled 350 billion tokens, or a little over $3 million. This action reinforces the positive feeling by signaling at the possibility of profitable swing trading opportunities. 
<img loading="lazy" decoding="async" class="aligncenter size-full" src="https://www.tradingview.com/x/EFGmlepe/" width="1835" height="883"> Analyst Chimes In 
Adding to the bullish chorus is prominent crypto analyst Crypto Tony. He predicts a new high for the meme coin, citing the meme coin’s recent price action and inherent strength. 
<blockquote class="twitter-tweet"> 
 <a href="https://twitter.com/search?q=%24PEPE&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">$PEPE</a> / <a href="https://twitter.com/search?q=%24USD&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">$USD</a> – Update 
 New high coming up for PEPE. Good to see some strength and clean price action here <a href="https://t.co/lcZTysAu4z" rel="nofollow" target="_blank">pic.twitter.com/lcZTysAu4z</a> 
 — Crypto Tony (@CryptoTony__) <a href="https://twitter.com/CryptoTony__/status/1789225433600340107?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">May 11, 2024</a>
</blockquote> 
This optimistic outlook from a respected voice in the crypto world is sure to catch the attention of investors seeking the next big gainer. 
Featured image from Reddit, chart from TradingView

Pepe Whales On The Move: Crypto Analyst Calls For Record-Shattering Price

Table of Contents

Bitcoinist

Other articles published on May 13, 2024

Dogecoin Price Surges as Open Interest Spikes by Over 6%

Bitcoin’s Key Developments This Week: CPI’s Conflict with $60K Price Tag and More

SBI’s Acceptance of XRPL Shows XRP’s Wider Reach Beyond the US

Analyst Points Out Level To Beat If Bitcoin Is To Reach $76,000

Black Donald Trump Surges 600% Before Consolidating, While Shiba Inu and Dogecoin Lag

US Court Orders Seizure Of 279 Crypto Accounts Linked To North Korean Crypto Thefts

Join our free newsletter for daily crypto updates!