Pepe price prediction for december 28: rally imminent?
Amid ongoing market uncertainty, Pepe (PEPE), the world’s third-largest crypto meme coin, is gaining significant attention from whales and traders. As of today, December 28, 2024, the overall cryptocurrency market appears to be struggling, including major assets like Bitcoin, Ethereum, Solana, and PEPE.
PEPE Whale Purchased 1.42 Trillion Meme Coin
Despite these struggles, whales and traders have begun showing interest and confidence in the token, as reported by the on-chain analytics firm Coinglass and the whale transactions tracker Lookonchain.
Recently, Lookonchain posted on X (formerly Twitter) that a crypto whale, who had previously sold all of his PEPE holdings for a profit of $11.7 million, has repurchased a significant 1.42 trillion PEPE worth $24.5 million amid the market dip.
https://twitter.com/lookonchain/status/1872667088076275916
However, this substantial meme coin accumulation has occurred over six days, signaling an ideal buy-the-dip opportunity. In addition to this whale acquisition, PEPE spot inflow/outflow data revealed that exchanges have witnessed a significant outflow of $40.86 million worth of PEPE. This suggests that long-term holders are withdrawing tokens from exchanges.
Outflow is an on-chain metric that indicates long-term holders’ withdrawals from exchanges, often signaling potential upside momentum and increased buying pressure.
PEPE Technical Analysis and Upcoming Level
According to expert technical analysis, PEPE has been consolidating within a tight range between $0.0000167 and $0.0000195 over the past ten days. However, a breakout from this consolidation could propel the meme coin significantly.
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