Significant whale purchases, totaling 689.79 billion PEPE worth $5 million, have fueled an 11% rally in Pepe Coin’s price.
Pepe Coin, the Solana-based frog-themed meme coin, has staged a strong rally gaining 11% in the last 24 hours, while outperforming top players like Dogecoin DOGE $0.19 24h volatility: 1.1% Market cap: $28.35 B Vol. 24h: $919.38 M and Shiba Inu SHIB $0.000010 24h volatility: 2.2% Market cap: $5.99 B Vol. 24h: $109.18 M , which have delivered modest gains around 1-3% today.
Earlier today, the PEPE price climbed to $0.000007385, with its daily trading volume surpassing $1.11 billion.
Are Whales Behind the Pepe Coin Price Rally?
PEPE coin price has increased significantly, driven by notable whale purchases, thereby triggering demand and bullish momentum for the meme coin.
On March 12, three whale wallets collectively acquired 689.79 billion PEPE, worth $5 million at current prices, with all funds originating from Tornado Cash.
The largest buyer, wallet 0x7A7D, purchased 437.7 billion PEPE for 1,413.4 ETH ($2.72 million). Meanwhile, wallets 0x9212 and 0x7779 acquired 158.58 billion PEPE ($1 million) and 93.51 billion PEPE ($574,000), respectively.
Although this has led to analysts questioning the origin of the funds, the trading activity around PEPE meme coin has shot up significantly. The meme coin’s daily trading volume jumped by 18% over the past 24 hours.
Furthermore, according to the Coinglass data, the PEPE futures open interest has jumped by over 7.52% to $214 million, while the 24-hour liquidations have soared past $2.58 million.
Rising open interest during a price rally signals heightened market participation and increased capital inflows. If macroeconomic conditions stay favorable and market sentiment remains bullish, PEPE coin price rally can continue further.
Will PEPE Bull Action Continue Further?
A look into Pepe Coin’s technical indicators provides further insights on how the PEPE coin price can perform moving ahead. PEPE’s Elder-Ray Index has turned positive for the first time since January 19, signaling a bullish shift in investor sentiment toward the altcoin.
This indicator assesses market strength by comparing an asset’s price to its moving average, highlighting the dominance of bulls or bears. A positive value suggests that bulls are in control, indicating upward momentum and potential price gains. If this trend holds, PEPE could target the $0.0000083 level.
On the other hand, if buying pressure diminishes, PEPE may slip below the $0.0000062 support level, potentially dropping further to $0.0000048.
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