PEPE Whale Transactions Hit $135 Million amid Ethereum ETF Buzz: Will the Price React?

Ibrahim Ajibade
Published: Jul 11, 2024, 10:01 GMT+00:00

Key Points:

  • PEPE price has consolidated within the $0.00009 - $0.000096 narrow between July 8 and July 11.
  • PEPE whale transactions have almost doubled in daily volume this week, according the latest on-chain data trends.
  • Technical indicators shows that a breakout above $0.000010 could trigger a larger short-term gains.
PEPE Price Forecast

In this article:

PEPE Price Analysis

PEPE price has consolidated within the $0.00009 – $0.000096 narrow between July 8 and July 11, on-chain data shows increased whale activity on the PEPE network as Ethereum ETFs official launch in the US nears.

PEPE Consolidates at $0.00009 as Bulls Weigh Next Move

After a torrid start to the week, the global crypto markets received a boost on Wednesday. Bitcoin (BTC) price rebounded above $58,000 while Ethereum (ETH) price reclaimed the $3,100 level.

The market rebound has been attributed to increased demand from Bitcoin ETFs, and growing buzz surrounding the imminent launch of the Ethereum ETFs.

As Ethereum’s second-largest memecoin project, PEPE  price is expected to experience bullish tailwinds when the ETH ETFs start to attract investment inflows into the ecosystem. Recent market events suggests that PEPE investors are already bracing up for this landmark event

PEPE Price Action | (PEPE/USD) July 2024| TradingView
PEPE Price Action | PEPE/USD July 2024| TradingView

While PEPE price is yet to record a major move in the last 48-hours, a close look at the price chart shows that bulls are actively consolidating on their positions.

Last week’s market sell-off and widespread liquidations, sent PEPE price sprialling to a 100-day low of $0.000076 on July 5. But since then bulls have sprung into action to trigger an instant rebound 23% rebound.

PEPE Whales Increase Buying Pressure ahead of Ethereum ETF Launch

With Ethereum ETFs launch taking centre stage, retail bull traders are weighing their options, causing the PEPE price recovery to halt around $0.00009 over the last 48-hours.

However, on-chain data shows that whale investors are capitalizing in the stagnant prices to accumulate more PEPE tokens, likely, in a bid to front-running potential gains from the Ethereum ETFs expected inflows.

The IntoTheBlock chart below tracks the daily volume of all PEPE transactions exceeding $100,000. This provides clear real-time insights into changes in large investors trading activity.

PEPE Price vs. Whale Transactions | IntoTheBlock
PEPE Price vs. Whale Transactions | IntoTheBlock

As seen above, the PEPE whale transaction volume dropped to $70.81 million on July 6, following the crypto market crash. But as prices dropped to an 100-day low, on-chain data shows that the large investors instantly increased their buying activity.

The latest data compiled by IntoTheBlock shows that PEPE whale transactions has been on the rise this week, reaching $135.7 million at the time of writing on July 11.

And increase in whale transactions during a market consolidation phase suggests that large investors are capitalizing on their price dip to stack up on their holdings. The increased market liquidity from the whale transactions surge also helps small-hold paper-hands to exit their positions without triggering wild price volatility.

This puts PEPE in prime position for an imminent breakout in the days ahead, especially in the Ethereum ETF official launch triggers a widespread market demand surge.

PEPE Price Forecast: Bulls on the Verge of $0.000010 Breakout

PEPE coin has shown a modest recovery, currently trading at $0.000009323764, reflecting a 1.33% increase. The chart highlights that PEPE has been consolidating around the $0.000009 level, suggesting that traders are cautiously optimistic about a potential breakout. The Parabolic SAR dots are closely trailing the price, which indicates that the bullish momentum is gradually building up.

The Relative Strength Index (RSI) is at 41.04, approaching the neutral zone, which suggests that PEPE is neither overbought nor oversold. This RSI positioning provides room for upward movement without immediate risk of a correction. If the RSI can break above 50, it would signal stronger bullish momentum and could propel the price towards the next resistance level.

PEPE Price Forecast | July 2024 | TradingView
PEPE Price Forecast | July 2024 | TradingView

The immediate resistance is at $0.000010, which is a psychological barrier and a previous support level. A breakout above this level would be significant, potentially driving the price towards the $0.000011 level, as indicated by the Parabolic SAR strategy.

On the downside, strong support is seen around $0.0000085. If the price fails to hold above this level, it could trigger a pull-back toward $0.0000075.

However, the current indicators suggest that the bulls are likely to defend the $0.000009 support zone, aiming for a breakout above $0.000010 in the short term. Traders should watch for increased volume and a rising RSI to confirm the bullish breakout.

About the Author

Ibrahim Ajibade Ademolawa is a seasoned research analyst with a background in Commercial Banking and Web3 startups, specializing in DeFi and TradFi analysis. He holds a B.A. in Economics and is pursuing an MSc in Blockchain.