According to LookOnChain, Pepe (PEPE) whales seem to be accumulating over the last few days. One whale in particular withdrew 420 billion coins worth $5.39 million on May 18. The whale has so far withdrawn 2.21 trillion coins worth $29.28 million.
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Cryptocurrencies Slide After Substantial Resistance
Despite the whale’s withdrawal, PEPE seems to have faced a steep correction over the last few days. The asset’s price has fallen 1.2% in the daily charts and 11.8% over the previous week. The frog-themed crypto has maintained big gains over other time frames. The memecoin is up 54.6% in the 14-day charts, 77% over the previous month, and 36.5% since May 2024.
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The market correction comes after Moody’s cut the US government’s long-term issuer and senior unsecured ratings to Aa1 from Aaa. The downgrade may have spooked investors and market participants.
The cryptocurrency market may see a surge in investments if the Federal Reserve cuts interest rates. PEPE and other risky assets could rally with a rate cut.
Can PEPE Hit $0.00002?
PEPE has not traded above $0.00002 since January of this year. The asset hit an all-time high of $0.00002803 in December of last year. The memecoin’s price has fallen by 54% since its 2024 peak.
According to CoinCodex analysts, PEPE’s price will rally over the coming weeks. The platform anticipates the asset to breach the $0.00002 mark on June 1. CoinCodex expects the memecoin to eventually hit a new all-time high of $0.00004353 on June 16. PEPE’s price will rally by nearly 238% if it hits the $0.00004353 target.
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PEPE has had an incredible run since its launch in April 2023. The asset has hit multiple peaks and may break into another bullish phase very soon.