PEPE Price Outperforms DOGE, SHIB as Whales Cash-Out $18 Million

PEPE Price Analysis:

PEPE price reclaimed the $0.00008 level on Sept 19, having gained 7% within the last 24-hours, amid rising market liquidity triggered by the US Fed Rate Cut announced on Wednesday.

PEPE overtakes DOGE and SHIB

PEPE had emerged one of the underwhelming performers in the memecoin markets over the past month. After hitting a new all time high of $0.000010 on July, PEPE quickly devolved in a downward spiral as uncertain macroeconomic landscape exacerbated the profit-taking wave, among short-term traders.

However, the PEPE trends is now on the verge of a major bullish reversal. On Sep 18, the US Federal Reserve announced the decision to lower interest rates by 50basis points.

Given that this is the first easing in over 4-years, it has triggered considerable market shake-up as widely anticipated.

The memecoin sector experienced a uptick in demand following the rate cut announcement. According to Coingecko’s market data, market movements within the last 24-hours show PEPE has emerged the best performing mega-cap meme token in the aftermath of the Fed rate cut.

PEPE price surged by 7.7% over the last 24 hours, outperforming its peers Dogecoin (DOGE) and Shiba Inu (SHIB), which rose by 2.6% and 5.8%, respectively. With a current market cap under $5 billion, PEPE appears to be attracting heightened investor interest, due to its potential for more upside volatility that in larger-cap counterparts.

Driven by lower interest rates, additional capital inflows is expected to trickle into the crypto sector if the US Fed’s persists in a rates easing regime continues throughout Q4 2024.

This influx of liquidity could continue to propel PEPE’s price upward, especially as investors increasingly shift focus from DOGE and SHIB to newer meme coins with higher growth potential.

PEPE Whales Still Missing in Action

Early market reactions to the Fed Rate cut shows that PEPE price has overtaken the likes of DOGE and SHIB. However, a closer look at the on-chain data trends suggests that whale investors on the PEPE network are yet to join in on the buying frenzy, signaling another potential leg-up ahead.

IntoTheBlock Large Holder’s netflow chart tracking buying & selling trends of whale wallets controlling at least 0.1% of a tokens circulation supply. This helps to monitor whale activity around certain market events.

Looking at the chart above, balances in the largest whale wallets declined by 235.44 billion PEPE on Sept 18. This shows that PEPE’s recent price surge in the last 24-hours has been largely drive by retail traders, while whales cashed out over $18 million.

When a crypto asset’s price rises amid whale selling pressure, strategic investors may view it as a bullish signal. First, it indicates strong retail demand capable of absorbing whale sell-offs. Second, it suggests room for another price spike if whales re-enter the market.

In essence, PEPE price rising 7% amid $18 million whale sell pressure, signal more upside potential if when the large investor join the buying frenzy.

PEPE Price Forecast: Imminent Breakout above $0.000010?

PEPE is showing bullish momentum, driven mainly by retail traders. Two key technical indicators: Bollinger Bands and the Fisher Transform, also support this optimistic outlook

PEPE’s price is currently trading around $0.00000785, edging closer to the upper Bollinger Band, which is positioned at $0.00000798.

This suggests increasing buying pressure. A breakout above this band could push the price towards the next resistance level at $0.00000980. Beyond this, the psychological $0.000010 level remains the critical target. The Fisher Transform, sitting at 0.07, signals a bullish trend continuation.

However, despite the short-term gains, the lack of whale participation could limit the current momentum. If the Fed rate cut brings renewed interest from large investors, a more sustainable rally may begin. Support lies at $0.00000750 and $0.00000671, forming a solid base for a potential pullback before any extended rally.

Overall, PEPE is poised for a breakout, but whale involvement is crucial for accelerated gains. If whales re-enter, traders can expect the price to surge above $0.000010, validating the bullish outlook.