PEPE’s performance in 2024 has been impressive, with a daily average trading volume exceeding $700 million, placing it second in the memecoin sector after Dogecoin (DOGE).
PEPE, the popular meme coin, appears to be on the verge of a potential rally after a week of consolidation. Recently, PEPE broke out of a bullish flag pattern at the $0.001119 level, a crucial point where a trendline and key support intersected. This breakout was followed by a phase of consolidation, with PEPE maintaining its support levels.
Photo: TradingView
PEPE is also displaying a classic bullish reversal pattern known as the Inverse Head-and-Shoulders (IH&S). This pattern is often a precursor to a price increase following a breakout above the neckline resistance. As of late July, PEPE is forming the right shoulder of this pattern, with the key resistance level positioned at $0.00001320.
A decisive breakout above this level could mark PEPE’s price surge, with analysts projecting a rise towards $0.00002241 by the end of Q3 2024, representing a potential gain of around 80% from current levels.
Profitability and Whale Concentration
According to recent data from CoinGlass, about 79% of PEPE holders are in profit. out of the 218,720 addresses holding PEPE. This significant proportion of profitable holders might lead to increased asset retention, potentially decreasing selling pressure.
In addition, the concentration of PEPE among large holders, or whales, is noteworthy. According to IntoTheBlock, 72% of the total PEPE supply is held by these significant investors. This high concentration suggests a strong confidence in the memecoin, adding stability to its price action and potentially supporting further upward movement.
Capital Flows and Strategic Moves
In terms of capital flows, recent data indicates a generally positive trend. Despite some outflows, the inflows of the PEPE meme coin have been dominant in the past 24 hours. This net positive capital flow is contributing to the ongoing consolidation and could help fuel the anticipated rally.
Photo: Coinglass
Furthermore, a significant development has been the strategic move by the VC firm Nascent. Nascent recently swapped its MKR positions for PEPE and LDO tokens, acquiring 141.23 billion PEPE tokens in the process. This acquisition, worth approximately $1.57 million, has increased Nascent’s total PEPE holdings to about $7.49 million, driving positive sentiment and reflecting a substantial investment and confidence in PEPE’s future.
Market Position and Competitive Edge
PEPE’s performance in 2024 has been impressive, with a daily average trading volume exceeding $700 million, placing it second in the memecoin sector after Dogecoin (DOGE). This volume exceeds that of Shiba Inu (SHIB), which currently stands at $257 million, according to CoinGecko.
PEPE’s holder count has surged by 70% this year. This growth, along with a year-to-date surge of 843%, highlights PEPE’s emerging strength in the market and its potential to challenge established competitors like SHIB.
As PEPE continues to consolidate and build momentum, investors, and analysts are closely monitoring its performance to see if it can sustain the bullish trajectory.
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