PEPE Shrugs Off Memecoin Declines As Whales Load Up On Coins: Here's Why This Analyst Thinks The Frog-Themed Crypto Could Rally 30-35%

Frog-themed cryptocurrency Pepe PEPE/USD defied the broader slump in the meme coin market to post gains on Monday.

What happened: The Ethereum ETH/USD-based coin was up 1.25% in the last 24 hours, contrasting with the sharp decline in blue-chip meme coins.

Indeed, Dogecoin DOGE/USD and Shiba Inu SHIB/USD fell 2.97% and 1.85%, respectively, while the overall meme coin market capitalization fell 2.9%.

PEPE, on the other hand, traded in the green, with trading volumes surging by 164% to $982.68 million.

A widely followed cryptocurrency analyst, known by the pseudonym World Of Charts, noted PEPE's breakout from a descending broadening wedge pattern, prompting a 30-35% bullish forecast.

Note that a descending broadening wedge is a bullish reversal formation, characterized by two sloping and diverging trend lines.

$Pepe #Pepe Descending Broadening Wedge Has Already Got Cleared Expecting 30-35% Bullish Wave pic.twitter.com/EJT07JnIo8
— World Of Charts (@WorldOfCharts1) February 17, 2025

Why It Matters: In the last 24 hours, the total balance held by PEPE’s long-term holders increased by 0.33%, according to IntoTheBlock. A surge in accumulation typically indicates bullish sentiment.

Moreover, large transactions valued over $100,000 more than doubled in the last 24 hours, indicating strong engagement from whales.

That said, over 50% of PEPE futures traders were bearishly positioned, according to Coinglass' Long/Short Ratio, signaling a likelihood of a pullback.

Additionally, the Bull Bear Power indicator, which measures the strength of buyers and sellers, flashed a “Sell” signal for PEPE, according to TradingView.

Price Action: At the time of writing, PEPE was exchanging hands at $$0.000009860, up 1.25% in the last 24 hours, according to data from Benzinga Pro.

Photo Courtesy: Akif CUBUK/Shutterstock.com

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