Crypto analysis firm LookOnChain says that a PEPE whale has deposited 700 billion coins worth $7.8 million to Binance. The whale wallet currently has 800 billion coins left, worth $9.23 million. LookOnChain notes that the whale has a total loss of $3.5 million.
Also Read: Cryptocurrency: Top 3 Coins To Watch This Week
The whale may have transferred the assets to Binance after PEPE took a substantial hit over the last few days. The market dip followed Bitcoin (BTC) briefly falling below $60,000 on Monday. BTC has regained the $61,000 level today, leading to a slight market rebound.
Will PEPE recover this week?
Source – CoinGape
Memecoins seem to be reversing the trend right now. Pepe has rallied 10.4% in the last 24 hours and by 9.5% in the weekly charts. dogwifhat (WIF) is up by 22.8% in the daily charts, and Bonk (BONK) is up by 16.2% in the same time frame. With major cryptocurrencies in a slump, traders may be opting for memecoins, leading to a surge in prices.
Source: CoinGecko
Also Read: Cryptocurrency: Top 3 Coins To Buy During The Dip
According to the researchers at CoinCodex, PEPE will break into a rally over the next few weeks. The platform predicts the asset to hit $0.00001560 on June 30, 2024. CoinCodex analysts also anticipate the asset to hit a new all-time high by the first week of July and continue its rally to $0.00003791 by July 22, 2024.
Source: CoinCodex
Changelly also paints a similar picture for PEPE, predicting the asset to hit $0.00001506 on June 30, 2024. Changelly, however, does not anticipate the memecoin to hit a new all-time high anytime soon.
If BTC reverses its trend and breaks into a rally, PEPE’s price may receive additional support. BTC may hit the $86,000 mark as the price of mining one BTC recently surpassed that level. Analyst Ali Martinez says that BTC’s price usually crosses the cost of mining one BTC.