PEPE coin price records a notable uptick during Monday’s U.S. market hours to hit a new high of $0.000028. This uptrend defies the current market uncertainty and FUD as Bitcoin dives below $100k again. This uptrend in the PEPE coin can be attributed to whale accumulation and a healthy retracement. 

Currently, the PEPE price trades at $0.0000273, with a recent breakout from $0.000026 high. According to Coingecko, the asset’s market cap stands at $11.46 Billion, while the 24-hour trading volume is at $10.03.

• The Pepe coin price gives a bullish breakout from a three-week consolidation amid whale buying.
• The 20-day Exponential moving average indicator continues to provide buyers with a fast-moving dynamic to drive high-momentum rally/
• The rising PEPE price could witness overhead supply at $0.3 and $0.333.

PEPE Whale Activity Skyrockets with $1.14 Billion Increase

Crypto whales have significantly increased their holdings in PEPE, a popular meme coin, by a staggering $1.14 billion in a single day, according to data from on-chain data platform IntoTheBlock, shared by Ali Charts. 

The data reveals a substantial uptick in the concentration of high-value accounts, with those holding over $10 million in PEPE experiencing a remarkable 147.81% growth over the past 30 days. This accumulation reflects growing confidence among large investors in the token’s potential.

Whales increased their $PEPE holdings by $1.14 billion yesterday! 👀👀 pic.twitter.com/gLhCs8LCLE

— Ali (@ali_charts) December 8, 2024

Sideways Action Ends as PEPE Coin Price Signals Strong Breakout

Amid the broader market correction, the PEPE price showcased a sideways action below $0000.26 resistance. While consolation initially indicates a lack of conviction from buyers or sellers, the coin price manages to hold above $0.0000175.

With an intraday gain of 1.2%, the Pepe coin price gave a bullish breakout from the last swing high of $0.000026. Sustaining this breakout with a candle closing will provide buyers with sufficient support to drive a higher rally.

The post-breakout thesis could target $0.000031, followed by a $0.00005 psychological level. The coin price trading above daily EMAs (20, 50, 100, and 200) indicates the buyers are driving a high-momentum rally.