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Simon Chandler
Author
Simon Chandler
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The price of Pepe Coin has dropped by 2.5% in the past 24 hours, retreating to $0.00001016 as the crypto market falls by 3.5% today.
PEPE is now down by 4% in a week, with the meme token holding on to a 23% increase in a month and an impressive 1,350% increase in a year.
These moves come as whales have been accumulating PEPE, with some analysts beginning to suggest that it could target a market cap of $25 billion.
This is likely a best-case scenario, but with PEPE outperforming most other major tokens this year, it could be one of the biggest beneficiaries of the coming bull market.
Pepe Coin Breakout Imminent? $25 Billion Market Cap and 60% Gains in Sight According to Analysts
While today may be a disappointment for Pepe perma-bulls, its woes at least put it in a position where it could rebound very soon.
Its indicators suggest it’s close to a short-term bottom, with its 30-period moving average (orange) about to fall below the 200-period today.
When this happens, we could see Pepe Coin recover quickly, with its relative strength index (purple) also close to hitting a bottom.
And for a coin that’s experiencing a near-term slide, Pepe’s trading volume remains healthy at around $1.2 billion today.
This indicates that demand for the token remains healthy, with data showing that some whales have been increasing their Pepe holdings in recent days.
This includes one trader who has purchased just over 33 billion PEPE in the past ten days, increasing their holdings to around 298 billion PEPE.
The ongoing popularity of Pepe Coin among whales is leading some analysts to predicting that the token could hit new heights in the coming months.
Popular Crypto Twitter account Whale Insider has suggested that Pepe is close to a breakout, with its medium-term price chart forming a pennant shape that does usually precede a big move.
In fact, Whale Insider suggests that Pepe’s market cap could hit $25 billion soon enough, which would imply a nearly 500% (4x) gain, or a price of roughly $0.00006.
While such a target is optimistic, at least in the short- and medium-term, we could see Pepe rallying vigorously towards the end of the year.
For example, if crypto-friendly presidential candidate Donald Trump wins the November 5 election, the whole cryptocurrency market could enter a bull phase.
This could push Pepe Coin’s price up to $0.000020 by the end of November.
A Layer-Two Network for Pepe
This will provide a greater incentive to hold PEPU for the long-term, and given that the coin has utility in that users need it to pay transaction fees, it could experience big demand.
It has a max supply of 8 billion PEPU, with 30% of this going to staking and 20% to the ongoing presale.
Read More: Pepe Unchained Price Prediction
What’s also very bullish is that Pepe Unchained has already developed a strong community, with its X account boasting over 50,000 followers.
PEPU’s sale won’t run for much longer, but newcomers can still participate by going to the coin’s official website.
The coin is now selling at $0.0115, a price which will rise in just over a day.
It will see several additional price increases before the sale ends, while it could rocket once it lists on trading platforms.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
