Pepe Hits a 3 Months High; Whale Sells 500 Billion Tokens Worth $6.34 Million

Key Highlights

• Pepe whale sells 500 billion tokens worth $6.34 million through Binance

• Pepe has gained 22.8% in 24 hours reaching a 3 months high

The crypto market has rebounded strongly over the last 2 days. The rebound has left memecoins surging to recent highs.

Pepe experiences a significant upward surge, with prices climbing over 22.8%, as shown in the daily price charts

With memecoins recording significant gains, Pepe is one of the top gainers. Since the crypto market surged after the FED meeting two days ago, Pepe prices have rallied from $0.000002947 to a 3-month high of $0.000013933.

With Pepe reaching February levels, holders and investors who have been sitting on losses over the past 3 months are now back in profit. The rising profit margins mean most of Pepe's short-term holders, 1 to 3 months, are now in profitable positions.

The surge in profitability has created an opportunity to take profits among the cohort. This profit-taking behavior is visible, especially from whales who have been accumulating over the last months.

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One such whale has been reported by the on-chain tracker EmberCN. As per the report, a massive whale wallet, identified as 0x3c9, has quietly accumulated a staggering 2 trillion PEPE tokens over the past 9 days — and now, the gamble is paying off big.

Thanks to the recent rebound in PEPE’s price, the wallet's floating profit surged to $7.66 million. But just 20 minutes ago, the whale made their first move to cash out, transferring 500 billion PEPE worth approximately $6.34 million to Binance.

Despite this withdrawal, the whale still holds 1.5 trillion PEPE, currently valued at around $19.2 million, positioning them as one of the largest known holders of the memecoin.

A Rally to a Yearly High for Pepe

Pepe has recorded massive gains over the past 48 hours as markets rebounded. With FOMO and memecoin Frenzy engulfing the market, Pepe could surge to its recent high, largely driven by speculative demand.

If the speculative demand continues to hold for a sustained period, Pepe will face the next significant resistance around $0.000014. However, since the market rebound is speculative and FOMO driven, this uptrend is likely short-term and could come to an end as soon as it occurred. Therefore, a correction at this point is highly likely and could see the memecoin drop to $0.0000097.