According to LookOnChain, Pepe (PEPE) whales seem to be accumulating over the last few days. One whale in…

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 The whale has so far withdrawn 2.21 trillion coins worth $29.28 million.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.