Following the victory of Donald Trump in the U.S. election, Pepe Coin price spiked as whales began a massive accumulation spree, signaling a potential PEPE price surge. The price of PEPE soared by 13% over the last 24 hours, hitting a high of $0.000096 before retracing to settle around $0.0000923 at 06:10 a.m. ET.
Whale Accumulation Signals Pepe Coin Price Breakout
Data from Santiment shows whales have begun accumulating PEPE after the asset bounced from the key support level. The buying spree was also fueled by Donald Trump winning the U.S. election and Dogecoin (DOGE) price surging by over 25%.
The number of large transactions involving whales with $1 million or more net worth broke two-month highs, signaling the increasing interest among these large players.
![Whale Transaction Count [PEPE]](https://coingape.com/wp-content/uploads/2024/11/Pepe-PEPE-11.03.20-06-Nov-2024-1.png)
Additionally, PEPE active addresses broke a 2-week high, indicating increased user engagement and transaction activity, which can lead to higher demand and potentially drive up the PEPE price.
The daily on-chain transaction volume in profit-to-loss ratio also surged to 2.88, breaking a one-month high. This means that for every PEPE transaction in loss, about three are in profit. This makes investing in Pepe coin more profitable overall, increasing investors’ confidence in future price increases.
News of Robinhood adding support for PEPE also contributed to the shift in market sentiment and increased whale purchasing.
Derivative Traders Are Bullish on PEPE Price
According to data from Coinglass, futures traders are gearing toward pushing PEPE prices even higher. PEPE open interest increased by 2.1% while the price surged by 11%.
Combining these two metrics, they indicate that traders are closing their shorts in profit, likely to shift toward opening longs. This suggests that Pepe Coin price may surge higher over the next few days.
Pepe Coin Price Analysis: Bull Pennant Hints Rally To $0.00021
As whales rush to secure the PEPE bag, price action also prepares to break to the upside. PEPE has been consolidating inside a giant symmetrical triangle part of a bull pennant. A breakout from this pattern could send the meme coin flying 1,850% to $0.00021.
Further, PEPE has found support at the 0.618 Fibonacci retracement level from which it recently bounced. Riding on the news of Trump’s win, Pepe Coin price could break above the triangle and set higher highs with $0.000012, $0.00002886, $0.000023, $0.00002989, and $0.000094 as the key resistance levels along the way.
Pepe Coin currently has a $3.9 billion market cap. An over 1800% surge from here would put the asset at a $74.1 billion market cap, which is quite reasonable compared to where the crypto market is anticipated to reach in the 2025 bull run.
The post Pepe Coin Price Eyes 1,850% Gains Amid Massive Whale Accumulation appeared first on CoinGape.
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