Pepe Coin Surges 3.7% as Whales Accumulate 5% More Tokens

Pepe Coin, the second-largest Ethereum-based meme coin, experienced a significant bullish breakout on July 3, reaching $0.0000107, its highest level since June 17. This surge coincided with a broader rally in the cryptocurrency market, with Bitcoin hitting $110,000 for the first time in weeks. The price jump of Pepe Coin was driven by increased whale accumulation, as large holders acquired more tokens, indicating their expectation of further gains. Whales now hold 7.95 trillion tokens, marking a 5% increase from the previous month. Additionally, the top 100 addresses have expanded their holdings by 3.86%, now controlling 302.8 trillion coins.

The amount of Pepe Coin tokens on exchanges has also decreased to its lowest level in over two years, with 246.96 trillion tokens held on exchanges as of July 3, down from 254 trillion in June. This reduction suggests that investors are moving their assets to self-custody, signaling long-term holding intentions. Conversely, tokens are usually sent to exchanges when investors plan to sell, either to take profits or in anticipation of price declines.

Pepe Coin's rally also followed Ethereum's bullish breakout, as ETH retested the $2,600 resistance level. Since Pepe Coin is an ERC-20 token, it often rallies in tandem with ETH. Notably, it surged in May when Ethereum climbed from $1,388 to $2,867. The daily chart shows that Pepe Coin peaked at $0.00001625 in May before entering a bear phase throughout June. However, it bottomed at a key support level, aligning with the ascending trendline that connects the lowest points since March. Pepe Coin has also formed a falling wedge pattern, a bullish continuation setup in technical analysis. This formation includes two downward-sloping, converging trendlines, with breakouts typically occurring as the lines approach convergence. Currently, Pepe Coin is attempting to move above both the 50-day and 25-day exponential moving averages.

If bullish momentum holds, the token could continue climbing toward the $0.00001625 resistance level, a more than 70% increase from current prices. However, a drop below the $0.0000080 support would invalidate the bullish outlook. The anticipated 70% surge in Pepe Coin's price is closely linked to the trend of whale accumulation, where large investors are increasingly acquiring substantial amounts of the cryptocurrency. This accumulation by whales is a key indicator of growing confidence in the asset, as these investors typically have a deep understanding of market dynamics and are often seen as trendsetters. The current market sentiment surrounding Pepe Coin is positive, with the cryptocurrency experiencing a 3.7% increase to $0.00000967. This upward movement is buoyed by broader optimism in the crypto market, which has been influenced by easing global economic conditions. The positive market sentiment is further supported by the overall trend of increasing whale accumulation, which suggests that major investors are bullish on the future prospects of Pepe Coin. The trend of whale accumulation is not limited to Pepe Coin; it is a broader phenomenon observed across various cryptocurrencies. This trend underscores the strategic importance of large investors in shaping market dynamics. As whales continue to accumulate Pepe Coin, the potential for a significant price surge becomes more pronounced. The 70% surge predicted by analysts is based on the current trend of whale accumulation and the positive market sentiment surrounding the cryptocurrency. In summary, the price of Pepe Coin is on the verge of a substantial increase, driven by the growing trend of whale accumulation. The positive market sentiment and the strategic investments by large investors are key factors contributing to this anticipated surge. As the market continues to evolve, the role of whales in shaping the future of Pepe Coin will be crucial in determining its long-term value and market position.