Whale Scoops Up 506B PEPEIs a Major Breakout Ahead?
- A PEPE whale withdrew 506.2B tokens ($4.4M) from Binance, holding 699.8B PEPE worth $5.11M now.
- Large holders balances have grown 15.3% since March, signaling strong confidence in the meme coins future.
- Analyst sees 300% surge potential if it breaks $0.00002384, $0.00002965, $0.00003466 resistance levels.
A massive PEPE whale made headlines this Thursday after withdrawing 506.2 billion frog-themed tokens from Binance, worth $4.4 million, causing a stir in the crypto market. Spot on-chain data confirms that Qianbaidu.eth, an early PEPE investor, has been actively accumulating large amounts of the meme coin.
Previously, this whale secured a $7.34 million profit, representing a 110% gain from PEPE trades. Now, after the latest withdrawal, they hold 699.8 billion tokens, valued at $5.11 million, with a floating profit of $164,000, reflecting a 2.8% increase.
This surge in whale holdings follows a broader accumulation trend among major investors. Since early March, balances between 1 trillion and 10 trillion PEPE have grown significantly, jumping from 131.81 trillion to 152.01 trillion. This 15.3% increase in holdings signals strong investor confidence in the meme coins future trajectory.
PEPEs Bullish Momentum Gains Strength
PEPEs recent price action has defied expectations, outperforming Bitcoin (BTC) over the past week. This price strength aligns with growing token scarcity on centralized exchanges (CEXs) and mounting buying pressure. As the broader meme coin sector experiences a resurgence, investors are closely watching its potential breakout.
Despite the heavy accumulation, the meme coin saw a minor dip of over 2% intraday, landing at $0.00000859. Over the last day, the token even touched a low of $0.000008429. However, the broader trend remains bullish, with PEPE posting a 13% rally in the past seven days.
Popular market trader Jake Gagain shared a bullish outlook, declaring on X that PEPEs bottom is now over. The 2025 bear market had briefly dragged the meme coins market cap down to $2.1 billion. However, it has since rebounded, reaching a market cap of $3.59 billion at the time of reporting.
Bullish Patterns Signal Potential 300% Surge
Technical indicators suggest further upside potential for the meme coin. Analyst Rose Premium Signals pointed out that the meme coin is bouncing from a historical support zone near the currency price, reflecting a classic double bottom pattern, a strong reversal signal often seen before major rallies.
Rose also identified three key resistance levels: $0.00002384, $0.00002965, and $0.00003466. With PEPE currently trading at $0.00000859, breaking these resistance zones could result in gains exceeding 300%. The analyst emphasized that if momentum continues, mid-term swing traders may find an ideal entry point.
Adding to the bullish case, the price remains within a strong demand zone that has historically triggered sharp rallies. If the double bottom formation holds, increasing buying pressure could accelerate a trend shift, potentially ending the prolonged downtrend that started in early 2025.
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Read more: https://www.tronweekly.com/whale-withdraws-506b-pepe-from-binance/
Text source: TronWeekly
