Zinger Key Points
- Despite a 20% weekly decline, Pepe still boasts trading volume over $1 billion, showing strong trader interest.
- One trader predicts a "God candle" for Pepe, while another turned a small investment into millions in under a year.
Despite its recent slump, Pepe PEPE/USD remains on the radar of traders, who predict a rally as soon as market conditions allow for it.
What Happened: Blockchain analytics firm Spot On Chain shows that a long inactive whale deposited 500 billion PEPE (~$5.7 million) to Coinbase on Jan. 28.
This trader initially bought 4.9 trillion PEPE for just $3,010 in April 2023 and has since cashed out $51.25 million (3.66 trillion PEPE), marking a 17,026x return.
| Cryptocurrency | Price | Market Cap | 24-Hour Trend | 7-Day Trend |
| Pepe PEPE/USD | $0.00001255 | $5.3 billion | -1% | -20.7% |
| Dogecoin DOGE/USD | $0.326 | $48.2 billion | -1.4% | -11% |
| Shiba Inu SHIB/USD | $0.00001829 | $10.8 billion | -2.6% | -11% |
Trader Notes: Crypto trader Davie Satoshi sees weak hands exiting but expects a February rally for meme coins and altcoins.
He notes that Pepe's RSI is at historically low levels that have previously triggered strong rebounds.
He highlights an inverse head and shoulders pattern on Ethereum, suggesting a PEPE “God candle” could follow, punishing sellers who exited too soon.
Glauber Contessoto revealed that he has $350,000 in PEPE, double his Dogecoin investment.
He estimates Pepe needs to hit $12 billion market cap to make him a PEPE millionaire and predicts PEPE could reach $80 billion.
Statistics: Lookonchain data highlighted on Monday several whales selling off their entire PEPE holdings.
One whale deposited 430 billion PEPE, another sold 200.9 billion PEPE.
IntoTheBlock data shows Pepe's large transaction volume dropping by 38.5%.
Daily active addresses are down 12.2%. Transactions greater than $100,000 are down from 792 to 432 in a single day.
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Image: Shutterstock
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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