Ethereum News Today: Whales Accumulate 650 Billion PEPE Tokens Amid 16% Price Surge

Whale activity surrounding Pepe (PEPE) has recently intensified, with over $19 million in net outflows attributed to whale transactions, signaling increased accumulation near key support levels. This large-scale movement by major holders suggests growing confidence in the token, despite the absence of official statements or identifiable leadership within the project. The accumulation patterns have fueled speculative discussions around potential price rallies, particularly as the token's decentralized and meme-based nature continues to attract attention from both retail and institutional investors [1].

On-chain data reveals that whales have accumulated 650 billion tokens over the past 30 days, pushing the total holdings of the top 100 addresses to 306.84 trillion tokens. This level of accumulation is seen as a strong indicator of market sentiment and future demand in the Ethereum-based memecoin space. PEPE has already demonstrated volatility-driven momentum, with a 16% price increase in just 11 hours, outperforming the broader cryptocurrency market’s 6% gain during the same period. This rise is supported by a 170% surge in 24-hour trading volume, positioning PEPE as the third most traded memecoin [2].

Technical analysis highlights a double-bottom pattern forming at $0.000009850, with the price currently approaching the $0.00001265 resistance level. Analysts suggest that a successful breach of this level could push the price to $0.00001890, representing a potential 65% increase from current levels. The bullish setup is further reinforced by Ethereum’s recent performance, as PEPE benefits from the broader chain’s price movements and positive funding rates in the perpetual futures market [2].

Despite the positive indicators, PEPE remains a volatile asset. Over the past 24 hours, the price dropped by 10.34%, and it has fallen by 22.40% over the past month. However, the token has demonstrated resilience, posting an 18.91% gain over the past year. The Fear & Greed Index for PEPE currently stands at 47, indicating a neutral sentiment, while social media data shows that 66% of tweets on Twitter express a bullish outlook [1].

On-chain activity remains robust, with 5,904 trades recorded in the past 24 hours and 6,359 search queries in the same period. PEPE’s 7-day trading volume is $8.71 billion, and it holds a 0.11% market dominance on Coinbase, ranking 29th in popularity. The coin’s fully issued supply of 421 trillion tokens—100% of its maximum supply—means no further inflation is possible, which analysts argue limits the influence of any single whale on the broader market [3].

Analysts remain cautious, noting that while whale accumulation and technical patterns support a bullish case, PEPE is still subject to short-term volatility. Recent bearish pressure pushed the price down to $0.0000113 after a spike to $0.000015, indicating that large holders can sway the market in the near term. However, the macroeconomic environment appears favorable, with dovish statements from Federal Reserve Chair Jerome Powell supporting Ethereum’s rally and, by extension, PEPE’s momentum [2].

The ongoing accumulation and speculative community sentiment suggest that PEPE could continue to experience significant price swings in the near future. Investors are advised to closely monitor whale movements and broader market trends, as these factors may shape the token’s trajectory in the coming weeks.

Source: [1] Pepe Price, PEPE Price, Live Charts, and Marketcap (https://www.coinbase.com/price/pepe) [2] Pepe price nears big move as whales buy 650 billion coins (https://crypto.news/pepe-price-nears-big-move-as-whales-buy-650b-coins/) [3] Pepe Coin Price Chart & Market Cap (https://coincodex.com/crypto/pepe-token/)