Ethereum News Today: Pepe Token Sees 650 Billion Whale Accumulation, Price Up 56% in 7 Days

Whales have been aggressively accumulating Pepe (PEPE) tokens, buying over 650 billion coins in the past 30 days, a move that signals strong investor confidence and could drive a significant price increase [1]. This surge in accumulation has pushed the total holdings of the top 100 Pepe wallets beyond 306.84 trillion tokens, a rise from 300 trillion last month [1]. With large investors scooping up the token, exchange balances have dropped to a multi-month low of 253.40 trillion, further supporting the idea that selling pressure is easing and demand is growing [1].

The price of Pepe has already shown signs of strength, jumping to $0.000015 on August 23, a sharp increase from a low of $0.000009850 earlier in the week [1]. This rebound is partly attributed to a dovish speech from Federal Reserve Chair Jerome Powell and a broader uptrend in Ethereum (ETH), which is likely to benefit Pepe as one of the top tokens in its ecosystem [1].

On-chain data also reveals a positive weighted funding rate in the perpetual futures market, indicating that bulls are paying bears to hold long positions as they anticipate further price gains [1]. Additionally, the top 100 Ethereum wallets have increased their Pepe holdings by 1.5% in the past month, even as the token’s price dipped slightly in recent days [2]. Meanwhile, exchange balances have dropped by 0.5%, reinforcing the trend of accumulation by large holders [2].

Technically, Pepe appears poised for a breakout. The price has formed a double-bottom pattern at $0.000009850, with the neckline at $0.00001265 [1]. Simultaneously, a symmetrical triangle pattern is emerging on the 4-hour chart, with its lines converging toward a potential breakout level [1]. If bulls manage to push past $0.00001250, the measured move suggests a possible rise to $0.00002273, a nearly 99% increase [2].

The 61% jump in 24-hour trading volume to $650 million underscores the growing participation from both retail and institutional investors [2]. On August 13, a major accumulation event by whales pushed the price to $0.0000121 in a single day [2], illustrating the token’s sensitivity to whale activity. Fibonacci extensions align with the triangle’s targets, reinforcing the case for a potential breakout to $0.00002232 [2].

However, risks remain. A breakdown below $0.00001050 could send the price back toward $0.00000900 [2]. Additionally, Pepe remains 60% below its peak in December 2024 [2], and its price is highly correlated with Bitcoin (0.89 in the last 24 hours), meaning it is vulnerable to broader market volatility [2]. The memecoin space is also becoming increasingly competitive, with projects like LILPEPE and Pepeto offering aggressive staking yields and marketing strategies [2].

For traders, a measured move trade could involve entering near $0.00001157 with a stop-loss below $0.00001050 [2]. A successful breakout above $0.00001250 could aim for $0.00001600 as an interim target and eventually $0.00002273 [2]. While the technicals and whale activity are encouraging, the market remains unpredictable and highly volatile [2].

As Pepe stands on the edge of a potentially major price move, the coming days will be crucial in determining whether bulls can maintain control or if bearish forces will regain momentum. The convergence of on-chain activity, technical patterns, and market sentiment presents both opportunity and risk for investors willing to navigate the volatile landscape of memecoins [2].

Sources:

[1] Pepe price nears big move as whales buy 650 billion coins (https://crypto.news/pepe-price-nears-big-move-as-whales-buy-650b-coins/)

[2] PEPE's Symmetrical Triangle Breakout: A 99% Surge Looming for Meme Coin Enthusiasts (https://www.ainvest.com/news/pepe-symmetrical-triangle-breakout-99-surge-looming-meme-coin-enthusiasts-2508/)