PEPE is seeing increased whale accumulation as price bounces near key level.
The meme coin could explode amid further buy-side pressure.
Pepe (PEPE) has recorded a notable increase in price amid bullish momentum. However, bulls could see another huge move as the surge in whale activity points to long term positioning.
Per market data, the meme coin’s holder composition had a net inflow of 580 billion PEPE and an outflow of 534 billion PEPE on Dec.3. As the market trends indicate Pepe whale accumulation, this outlook suggests a potential impact on price as buying pressure mounts.
PEPE whale activity
According to Lookonchain, PEPE whales continue to accumulate the meme coin. This comes even as some long term holders take profits.
While a whale deposited 356.2 billion tokens worth $7.3 million to Kraken, recording a return profit of 31x, others have quickly gobbled up the meme coins from the market.
Over the last 20 days, one whale went on an accumulation spree. Per Lookonchain data shared on X, the whale withdrew about 337 billion Pepe tokens worth nearly $7 million at the time from Binance. This happened as PEPE price jumped alongside the broader meme market. The sector is one of the few that rode the “Trump trade” narrative to record notable upticks.
Whales continue to accumulate $PEPE!A whale has withdrawn 337.09B $PEPE($6.92M) from #Binance in the past 20 days. — Lookonchain (@lookonchain) December 4, 2024
According to IntoTheBlock data, Pepe has seen a decline in the number of large transactions by 3% in the past week. However, the number of addresses in profit has increased to 83%, with those out of the money at only 1%. Holders at the money currently count at over 54.8k addresses, or 15.6% of total holders.
Pepe price eyes bullish flip
In terms of price, PEPE has maintained a consolidation range of $0.00001919 – $0.00002109 in the past 24 hours. The token’s value has jumped 14% in the past week, 152% in the past month and over 1,500% in the past year.
The meme coin, which is the third largest in the market behind Shiba Inu and Dogecoin, has a market cap of $8.69 billion. The 24-hour trading volume has jumped 9% to over $4.2 billion.