Pepe (PEPE), the popular and third-largest meme coin, looks set to skyrocket as a new whale buys billions of tokens. On September 2, 2024, blockchain analytics firm lookonchain posted on X (formerly Twitter) that a whale had bought 292.97 billion tokens worth $2.17 million from Binance after the US stock market opened.
Whales' Big Bet on PEPE
This significant purchase of PEPE suggests a great buying opportunity as it occurred near the important support level of $0.0000071. In addition, PEPEThis whale also made a significant bet on Floki (FLOKI) and WorldCoin (WLD). According to the data, the whale purchased over 4.28 billion FLOKI worth $511,500 and 2.273 million WLD tokens worth $391,000.
PEPE Price Forecast for September
According to expert technical analysis, PEPE looks bullish as it is at an important support level of $0.00000071 despite trading below the 200-day exponential moving average (EMA) on the daily time frame. Based on historical price momentum, whenever PEPE hits this level, it usually experiences a massive rally of over 20%.
However, this time we may see a similar price surge. If this happens, PEPE price may rise by 20% to $0.000009 or even more. Meanwhile, its relative strength index (RSI) is in the oversold zone, indicating a possible trend reversal in the coming days.
PEPE Price Efficiency
At press time, PEPE is trading around $0.00000747 and has shown a modest gain of 0.3% over the past 24 hours. Meanwhile, its open interest fell 2% in the last hour and rose 1.7% in the last 24 hours. This increase in open interest signals growing investor interest.
Based on historical price performance, September is usually considered the worst month in terms of price momentum. However, the launch of both spot Bitcoin and Ethereum Exchange-Traded Funds in the United States may create some shifts this time around.