Crypto Whale Buys 3.43 T PEPE as Meme Coin Surge 70%

2023-07-05, 04:24

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![](https://gimg2.gateimg.com/image/article/1684401663RDZZ.jpeg)
A crypto whale purchased 3.43 Trillion PEPE tokens during the third week of June.

An increase in whale activity and trading volume forced the price of PEPE coin up.

The RSI and Wave Count of PEPE show a possibility of an upward price momentum.

**Keywords**:  PEPE coin, PEPE price, meme coin PEPE, PEPE token
## Introduction 
The meme coin market gained significantly in the third week of June 2023, pushing the total crypto market capitalization to over $1.2 trillion. The top meme coins including Doge, <a href="/price/shiba-inu-shib" target="_blank" class="blog_inner_link">Shiba Inu</a> and PEPE experienced substantial price increases.

Today, we focus on the price performance of the top meme coins within the third week of June. We will also discuss different price movements of PEPE which recorded the highest gains among the major meme coins. 
## PEPE Coin Takes the Lead in the Meme Coin Market
As said, several top meme coins including the [PEPE coin](https://www.gate.io/uk/trade/PEPE_USDT "PEPE coin") registered substantial gains within the third week of June. Specifically, PEPE  gained by 34% within 24 hours that stretched from 21 to 22 June with an overall price increase of 66%. The PEPE token, ranked number 9 in terms of global trading volume within that week, had a market valuation of $609 million as of 22 June.

Read also: [Optimism Pepe NFTs - Buy, Sell & Trade](https://www.gate.io/nft/collection/18318/Optimism-Pepe "Optimism Pepe NFTs - Buy, Sell & Trade")

On the other hand, Doge and SHIB with a collective market valuation of $13.8 billion represent 13.9% of the entire meme economy. The recent surge in the value of the meme coin PEPE is due to the activities of crypto whales that showed great interest in the cryptocurrency.

The whale transaction within the period exceeded $100,000 which was accompanied by a surge in network volume. For example, during that week a single whale purchased 3.43 trillion PEPE tokens. However, during the previous trades this trader gained $11.47 million in a single transaction before losing $741,000 during the second one.

The [price](https://www.gate.io/price/pepe-pepe "price") history of the PEPE coin has been impressive since its launch. In fact, on 5 May its price rose to around $0.000004 after Binance Exchange listed it. However, its value had fallen since that time to end the day on 10 June at $0.0000008.

Also, it experienced a rebound from that low making it a critical support level. The following picture shows what occurred at that time. 
![](https://gimg2.gateimg.com/image/article/16885310091.png)
PEPE Coin Rebound at $0.0000008 - TradingView

The image above shows the PEPE coin support level at $0.0000008. The current price momentum the crypto market is experiencing is a result of a few major financial institutions that include BlackRock, Invesco, WisdomTree, and Deutsche Bank which have shown great interest in <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> Exchange Traded Fund (ETFs).

Read also: [PEPE Claims Throne of meme Coins](https://www.gate.io/blog_detail/2641/pepe-claims-throne-of-meme-coins-leaving-dogecoin-and-shiba-inu-in-the-dust "PEPE Claims Throne of meme Coins")

During the past week, the PEPE token’s price rose although it failed to break above $0.00000178 which is a major resistance level. Basically, PEPE meme coin showed bullish momentum as signalled by several indicators. For example, PEPE’s Relative Strength Index (RSI) was above 50, a signal that the market is bullish.

Also, the PEPE token’s short-term four-hour chart was bullish based on the price action and Elliott Wave theory. According to wave count the token began a new five-wave increase on 15 June. If that is accurate, the PEPE reached the top of wave three (white) on 22 June which showed that the upward momentum would increase to the next resistance level, $0.0000021, after a slight drop.

The fact that the price broke above the descending resistance line that existed since 13 May indicated a potential strong upward pressure. The next diagram shows the point at which the price broke above the resistance level. 
![](https://gimg2.gateimg.com/image/article/16885310412.png)
PEPE Token Breaks above the Descending Resistance Level - TradingView

In the above screenshot, the green dot shows the point where the mentioned whale purchased 3.43 trillion PEPE Tokens.

Nevertheless, the PEPE token can lose its upward price momentum if its value falls below wave one high at $0.0000010. If that happens the price of PEPE will likely exit the $0.0000008 area and get into the $0.0000005 zone.

Read also: [Pepe (PEPE) Price Prediction 2023-2030](https://www.gate.io/price-prediction/pepe-pepe "Pepe (PEPE) Price Prediction 2023-2030")
## Other Factors that Might have Affected the Price of PEPE
Apart from the whale activity, the liquidation of the Futures contracts that tracked PEPE worth more than $13 million could have pushed its price up. Large liquidations can be a sign of a bottom or top of a steep price movement which may force traders to respond accordingly. 
## Conclusion
Within the third week of June the price of PEPE coin surged amid an upward price momentum among the major meme coins like SHIB, FLOKI and DOGE. During that period a crypto whale purchased 3.43 trillion PEPE tokens which pushed its value up. According to several indicators the price of PEPE remained bullish since that period. 
## FAQs about PEPE Coin
### What is PEPE?
PEPE is a memecoin which is based on the <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> blockchain. It is derived from Pepe the Frog, a popular internet meme or cartoon character.
### Is it safe to buy PEPE coin? 
It is safe [to buy and hold the PEPE coin](https://www.gate.io/how-to-buy/pepe-pepe "to buy and hold the PEPE coin"). However, the PEPE coin like other memecoins is very volatile and may lose its value within a short period. 
### Can I buy PEPE on Gate? 
You can buy the PEPE coin on Gate.io. As well, you can hold your PEPE coins on Gate  or transfer them to any other personal wallet that accepts ERC20 tokens. 
### What chain is PEPE coin on?
The PEPE coin exists on the Ethereum network since it is an ERC20 token . Basically, the PEPE coin was launched in April 2023.

<div class="blog-details-info">
<div>Author:** Mashell C.**, Gate.io Researcher
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

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