Pepe Coin Price Prediction as $200 Million Sends PEPE Up 7% – Are Whales Buying?

cryptonews.com:

The Pepe Coin price has dropped by 2% in the past 24 hours, yet its move to $0.00000153 still means it has gained by 46% in a week, as its trading volume hovers around the $200 million level.

PEPE is also up by 65% in the last 14 days, although it remains 64% below its all-time high of $0.00000431, set back in early May.

However, its gains yesterday and over the past week show that it hasn't run out of momentum, and that it's now arguably fully established as a meme token, ready to enjoy further rallies in the future.

This is supported by on-chain data which shows that whales are still accumulating the altcoin, which could therefore see a surge in the very near future.

PEPE's chart remains strong, even with the dip of the past 24 hours.

For example, the coin's relative strength index (purple) has pointed upwards again in the past hour, after falling below 50 yesterday.

This suggests that the coin will quickly regain the momentum of last week, as does the fact that its 30-day moving average (yellow) remains well above its 200-day average (blue), something which indicates that buying pressure is still on the coin's side.

It's also worth pointing out that PEPE's support level has increased over the past week, meaning that its fall in the past day shouldn't really get any worse, and that it's in a strong position to begin rising again from a higher base.

Of course, PEPE's status as a meme token indicates that it will not rise again for any fundamental reason (e.g. related to its 'utility'), yet it seems to have retained enough of a community and enough market interest to book further gains.

For instance, data reported by Lookonchain shows that whales continue to accumulate the altcoin in the expectation of profits further down the