Crypto analytics firm LookOnChain says a PEPE whale deposited 700 billion coins worth $7.8 million into Binance. The whale wallet currently has 800 billion coins remaining, worth $9.23 million. LookOnChain noted that whales had a total loss of $3.5 million.
Whales may have moved assets to Binance after PEPE took a significant hit over the past few days. The market decline followed Bitcoin (BTC) briefly falling below $60,000 on Monday. BTC reclaimed the $61,000 level today, leading to a slight market recovery.
Will PEPE recover this week?
Memecoin seems to be reversing the current trend. Pepe is up 10.4% in the past 24 hours and is up 9.5% on the weekly chart. dogwifat (WIF) is up 22.8% in the daily chart and Bonk (BONK) is up 16.2% in the same time frame. When major cryptocurrencies are tumbling, traders may turn to memecoins, leading to price spikes.
According to researchers at CoinCodex, PEPE will begin to increase in price in the coming weeks. The platform predicts the asset will reach 0.00001560 USD by June 30, 2024. CoinCodex analysts also predict the asset will reach a new all-time high in the first week of July and further increased to 0.00003791 USD on July 22, 2024.
Changelly also paints a similar picture for PEPE, predicting the asset will reach $0.00001506 by June 30, 2024. However, Changelly does not predict memecoin will reach a new all-time high anytime soon.
If BTC reverses its trend and begins to rally, PEPE price could receive additional support. BTC could reach the $86,000 mark as the price to mine one BTC recently surpassed that level. Analyst Ali Martinez says that BTC prices often surpass the cost of mining one BTC.
