🌎 Pepe Token Surges Despite Whale Selloff

Pepe Token Defies Whale Selloff, Continues Uptrend Amid Strong Market Performance

The Pepe token, inspired by the popular 2000s meme “Pepe the Frog,” has witnessed a significant whale selloff. Despite this, the asset continues its upward momentum, reaching an intraday high of $0.000027 on Monday. This new all-time high marks a nearly 2000% increase since the beginning of the year, making Pepe one of the best-performing assets in the market.

Market Performance and Whale Activities

According to recent data, Pepe‘s market capitalization stands at over $11.37 billion. The recent rally has extended PEPE‘s monthly gains to 157%. Furthermore, the large holder net flows shifted from a net inflow of 1.03 billion PEPE (valued at approximately $22.66 million) on December 6 to a net outflow of 1.96 trillion PEPE (worth over $50.9 million) by December 8.

Whale Selloff and Price Surge

Whale sell-offs typically signal periods of panic or profit-taking, often resulting in price declines. However, PEPE has recorded a 27.3% price surge over the past week, remaining unfazed by the large whale selloff.

Factors Contributing to PEPE’s Price Surge

Several factors have contributed to PEPE‘s price surge. The meme coin received a surprise feature on the prominent American news channel Fox News, citing it as a good investment alongside Bitcoin. Additionally, retail investors flocked to buy the altcoin following its listing on major tier-1 exchanges, Coinbase and Robinhood, last month.

Some key points driving PEPE‘s growth include:

Access to Coinbase and Robinhood customers, allowing for increased market participation.
Retail investors showing interest in the altcoin, potentially driven by its performance compared to other meme coins like Doge and Shib.
Pepe beginning to gain traction on social media platforms like Reddit and TikTok.

Analyst Expectations and Price Targets

Analysts expect a further rally in PEPE price after bullish patterns emerged on its daily chart. According to pseudo-anonymous analyst Captain Faibik, PEPE has broken out of a multi-month symmetrical triangle pattern, which could push its price up to $0.000031 in the short term, up about 19% from the current price level.

Another market commentator, Chandler Bing, projected a similar price target, noting that PEPE has formed a Cup and Handle pattern – a rare bullish signal in technical analysis – indicating the potential continuation of its ongoing rally.

MACD and ADX Chart Analysis

The MACD line crossing above the signal line signals a bullish reversal, and the Average Directional Index at 44 – well above the 25 threshold – indicates a strong bullish trend. These indicators suggest that the price targets suggested by analysts are highly likely to materialize in the coming days.