The crypto market saw further bullish momentum as Bitcoin bounced above the $95,000 level. As investors anticipate a BTC value of $100,000 soon, Shiba Inu and Pepe coins are seeing substantial whale buying, signaling their potential for price recovery. These memecoins often offer major moves during new market changes due to their volatile nature.
Highlights:
- Lookonchain data shows that crypto whales accumulated top memecoins such as Shiba Inu and PEPE before BTC granted a $100,000 breakout.
- Shiba Inu price represents a 9% upside after challenging key resistance of the bullish pennant pattern.
- The formation of a flag pattern places the price of Pepe coin beyond the $0.00003 barrier.
Top Memecoins Gain Momentum After $4.46 Million Whale Withdrawal
A newly created cryptocurrency wallet has made significant withdrawals, pulling 60 billion SHIB tokens worth $1.52 million and 150 billion PEPE tokens worth $2.94 million from Binance barely an hour ago.
This substantial move highlights the growing whale activity around these popular memecoins, sparking curiosity about the rebound as the market anticipates $100,000 BTC soon. The activity was attributed to wallet address 0xe718…, as indicated by Lookonchain.
According to Coingecko data, the market capitalization of meme cryptocurrencies is $123. Billion, posting an intraday gain of 2.5%. Additionally, the 24-hour trading volume hovers at $23.5 billion.
A newly created wallet withdrew 60B $SHIB($1.52 million) and 150 billion $PEPE($2.94 million) #Binance 1 hour ago.https://t.co/bsWy1WtPUh pic.twitter.com/nzm6WARUNk
– Lookonchain (@lookonchain) November 28, 2024
Shiba Inu Consolidation Before Major Breakthrough
Among dog-themed memecoins, the popular Shiba Inu Coin has featured sideways action below $0.00003 over the past two weeks. On the 4-hour chart, this consolidation fits strictly into two converging trend lines revealing the formation of an uptrend.
This continuation trend is usually spotted within an established uptrend, providing a temporary break for buyers before the dominant trend resumes. THE SHIB Price is currently trading at $0.000025 with a market cap of $14.8 billion.
A potential breakout of the overhead trendline will accelerate the bullish momentum and result in another 40% rally to $0.000037.
PEPE Price Eyes 75% Surge Amid Bull Flag Pattern
THE frog-themed PEPE memecoin saw a notable correction from $0.000025 to $0.000019 – a 25% decline – over the past two weeks. Similar to SHIB price, Pepe coin has developed a bullish continuation pattern called “Flag”.
While most major memecoins regain bullish momentum with Bitcoin’s rebound, the PEPE Price there is a 1.5% upside from the key flag resistance trendline.
A successful reversal of the overhead trendline into potential support could propel the asset 75% to $0.000035.