PEPE prices have risen more than 50% over the week and the rally looks set to continue.
Memecoins have also received support from whales, and this supply of PEPE could be the boost they need.
PEPE Investors See Potential
PEPE price, trading at $0.00000738 at the time of writing, has received tremendous support from investors. These meme coin enthusiasts have added PEPE to their wallets to boost the ongoing rally.
A very important group in this process were whales. These large wallet holders have amassed more than $3.3 trillion in PEPE, worth more than $24.3 million, over the past two weeks, bringing their total holdings to 46.96 trillion PEPE.
Their beliefs gave meme coins the support they needed to continue their rise. These price increases are expected to continue as more than 92 trillion PEPEs are on the verge of yielding returns to investors.
Read more: Pepe: A comprehensive guide to what it is and how it works
The supplies, worth more than $686 million, were purchased for between $0.00000700 and $0.00000890. Given that the meme coin is currently trading at $0.00000738, you can turn your PEPE supply into a revenue-generating asset.
As a result, the price of altcoins will rise further as the potential for profits attracts more investors to the coins. This will also encourage existing PEPE holders to HODL instead of sell.
PEPE Price Forecast: Key Barriers
PEPE price has broken out of the descending wedge but still faces a significant barrier on the way to $0.00001000. The resistance level marked $0.00000826 has been tested as support in the past.
The key is to turn this line into support. Because only then can the aforementioned supply become profitable. This could also allow PEPE price to bounce and test the $0.00001007 resistance, validating the 60% target obtained with the falling wedge.
Read More: Pepe (PEPE) Price Prediction 2024/2025/2030
However, if the breach fails, PEPE price could record a decline to test the support at $0.00000633. Losing support would invalidate the bullish argument and push Mimcoin to $0.00000474.
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