Ethereum News Today: PEPE Surges 135% on Whale Accumulation and Ethereum Rally

PEPE's price has extended its rally, climbing to $0.000012 on August 9—the highest level since late July. The token now trades 135% above its 2024 low, driven by a surge in whale accumulation and a broader positive trend in the Ethereum (ETH) market. Whale holdings of PEPE have increased by 12% in a month, reaching 8.95 trillion tokens, the highest level in over a year [1]. This uptick is supported by sustained buying from institutional and large retail investors, known as "smart money," whose PEPE holdings have surged from 258 billion in May to 643 billion tokens [1].

The increased demand has also been reflected in the derivatives market, where open interest in PEPE futures contracts has grown for seven consecutive days, reaching $720 million. This rise coincides with a sustained positive funding rate, suggesting expectations for further price appreciation [1]. On-chain data from Nansen highlights the significant accumulation by large holders, with whale positions rising by 30% year-over-year [1].

The broader Ethereum network has played a crucial role in bolstering PEPE’s rally. Ethereum’s price has surged to nearly $4,100, driven by institutional interest and the approval of BlackRock’s ETH ETF, which attracted over $10 billion in inflows [4]. This institutional backing has reinforced Ethereum’s position as a core digital asset and has spilled over into the meme coin sector. Historically, meme tokens like Dogwifhat and Bonk have gained traction during Solana’s price rallies, and a similar pattern appears to be emerging with PEPE [1].

Technical analysis supports the bullish case. PEPE has maintained an uptrend since March, forming an ascending triangle pattern, a structure often seen before a breakout. The token is currently trading above its 50-day moving average and the 23.6% Fibonacci retracement level. If the uptrend continues, bulls may look to test $0.000014 and eventually retest the year’s high at $0.00001625 [1].

Smart money investors continue to adjust their positions, and whale activity remains a key indicator of market sentiment. Wallets holding over $1 million in value have increased their PEPE holdings by 1.36% in early August [3], a sign of confidence in the token’s potential. Analysts at Mitrade have noted that stable Ethereum gas fees could further boost trading interest in PEPE, especially if broader meme coin sentiment intensifies in the coming months [1].

Despite the positive momentum, on-chain data also shows signs of volatility. A major Ethereum holder recently sold $88 million in ETH over 15 hours, raising questions about short-term liquidity [5]. However, this appears to be an isolated move, and overall whale activity in both Ethereum and PEPE remains net positive.

In conclusion, the ongoing rally in Ethereum, combined with strong whale and smart money activity, has created a favorable environment for PEPE. As the token continues to consolidate its gains, the broader altcoin market appears poised to benefit from the continued strength in the crypto space [1][3][4].

Sources:

[1] Pepe Price Extends Rally as Whale Accumulation and Ethereum Surge Drive Gains (https://cryptonewsland.com/pepe-price-extends-rally-as-whale-accumulation/)

[3] PEPE & Cardano Whales Back MAGACOIN FINANCE (https://coincentral.com/pepe-cardano-whales-rush-into-magacoin-finance-before-the-2025-altcoin-boom/)

[4] Ethereum Nears $5000 After 45% Monthly Rally, Whale Buying and Regulatory Clarity Fuel Surge (https://www.newsbtc.com/news/ethereum/ethereum-nears-5000-after-45-monthly-rally-whale-buying-and-regulatory-clarity-fuel-surge/)

[5] Whale holding $5.6B in ETH is selling, dumps $88M in 15 hours (https://www.coinglass.com/ru/news/532790)