PEPE Jumps 17% Amid Justin Sun Speculation

PEPE Surges 17% in 24 Hours, With Justin Sun’s Growing Stake Eyed as Potential Catalyst

The frog-themed meme coin, PEPE, has experienced a significant price surge over the past 24 hours, climbing to approximately $0.000005. Its market capitalization has now surpassed the crucial $2 billion psychological threshold.

Several market analysts suggest that PEPE has room for further near-term gains, with some indicators pointing to TRON founder Justin Sun as a potential driver of the recent rally. PEPE has outperformed major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and XRP today, with Sun’s increased exposure to the token appearing to be the primary reason.

Data from Arkham Intelligence, cited by the X account BSCN, indicates that the Chinese businessman now holds 11.85 trillion PEPE coins, valued at over $51.2 million, representing approximately 2.82% of the circulating supply.

“Most of these holdings were acquired over the past ten days, following two substantial withdrawals from Poloniex on October 17 and October 26. Prior to mid-October, his PEPE holdings were valued at around $267,000,” BSCN stated.

Sun ranks among the largest PEPE holders, with only Binance, Robinhood, and Coinbase holding more tokens. BSCN also noted a potential connection between the crypto exchange Poloniex and Sun’s wallet, suggesting these transactions might have been internal transfers rather than new market acquisitions.

Analyst Outlook

Following PEPE’s recent price resurgence, analysts such as Altcoin Sherpa and Sweep have turned their attention to the meme coin. Altcoin Sherpa observed that PEPE has demonstrated “a ton of strength” in the last two days but expressed uncertainty about the sustainability of the uptrend. They believe that if PEPE can break above its current resistance level and Bitcoin remains stable, the price could potentially reach $0.00007. Sweep, meanwhile, is optimistic, stating that “the pump isn’t over yet.”

Crypto With Gopal also weighed in, identifying an inverted head-and-shoulders pattern forming on the charts. Buyers are currently defending the right shoulder, with momentum building towards neckline resistance at $0.0000051.

“A confirmed breakout could pave the way towards $0.0000085-$0.0000090. Failure to break resistance could lead to PEPE remaining range-bound. Bulls are showing signs of activity – a neckline breakout is the key trigger,” Gopal predicted.

A Millionaire Trapped on Screen

The X account TMA | The Money Ape shared an intriguing story about a significant PEPE investor. According to the popular account, an anonymous individual or entity purchased 2.5 trillion PEPE coins for a mere $27 in April 2023. However, the developers subsequently blacklisted their wallet just eight minutes later.

As of this report, those tokens have appreciated by an astonishing 44,900,000% from the initial investment. Despite this immense paper gain, the whale is unable to liquidate their holdings, leaving them, as TMA | The Money Ape described, “a millionaire on screen, not in real life.”