Will PEPE survive the biggest short run in history?

The price of PEPE was in the recovery zone, but even a possible upset result proved to be weak.

The investors have seen huge losses, but this may not deter the holders of large wallets from continuing their buying spree.

PEPE hits the bears hard.

The price of PEPE has seen a modest increase of 9% in the last 24 hours, shocking the market. Not because it caused the start of recovery, but because it caused a lot of short discharge.

According to data from Coinglass, meme coin saw $17 million worth of short liquidity in a single day. This is the largest liquidation in the history of Memcoin, indicating that the bears expect further declines in the price of PEPE this weekend.

But it turned out to be terrible news for the bears and for other investors, the major addresses, including whales. These static addresses carry the largest amount of PEPE than other private addresses.

Over the past three weeks, these investors have bought more than $13 million worth of over 1.5 trillion PEPE. This suggests that incumbents see the decline as an opportunity to accumulate rather than change. This will become profitable after the price recovers.

Read more: Pepe: A comprehensive guide to what it is and how it works

PEPE Price Prediction: Reversal Uptrend

PEPE's price earlier this week lost its unbroken run since mid-April. As a result, Mem coin has fallen from $0.00001146 to $0.00000889 at the time of writing. The slip below $0.00001000 was a critical bearish moment, leading many to believe further declines were on the cards.

However, the green candle 24 hours ago can be the first sign of recovery. If MemCoin redoubles to the support of $0.00001000, it may rise to $0.00001146 to recover the recent losses.

Read More: Pepe (PEPE) Price Prediction 2024/2025/2030

But if that fails, it can also be reduced to $0.0000775, and then compiled below $0.00001000. This invalidates Bullish's thesis.