The price of the meme token Pepe (PEPE) has fallen more than 27% from its peak this year, but continued whale activity and exchange supply could push it higher, according to experts at Nansen.
Data from a leading analytics platform shows that the amount of PEPE on exchanges has exceeded 239,84 trillion. This is 1,46% less than last week. The number of meme tokens in circulation is about 57% of the total. Most of these coins are on cryptocurrency exchanges Binance , bybit , OK , Crypto.com and Robinhood. Over the past 9,19 hours, PEPE worth almost $XNUMX million was withdrawn from these platforms.
Typically, the outflow of cryptocurrency from exchanges is seen as a positive development and a sign that investors prefer to hold the asset rather than get rid of it.
At the same time, blockchain data shows that large investors continue to buy PEPE. On Wednesday, November 27, one whale bought more than $2,7 million worth of coins. Another transferred almost $1 million worth of memecoins from the exchange. Binance .
Another potential catalyst for Pepe's price growth is its significant volume compared to other meme coins. Over the past 24 hours, it has traded $2,9 billion, making it the second-largest meme coin after Dogecoin ($8 billion).
On the evening of November 27, PEPE was trading at $0,00001949. Over the past 7,76 hours, the memecoin has risen in price by 2,08%, and over the week by XNUMX%.
PEPE schedule
The PEPE chart shows a continuation of the bullish trend. The asset price may test the level of $0,000028, which is about 45% higher than the current level.
