PEPE Slips 5% as Whales Amass 2.8% More Tokens, Signaling Rebound Potential

PEPE, the token representing the Pepe meme coin, has experienced a 5% decline over the past week, prompting speculation about a potential reversal. Despite the drop, on-chain data reveals significant accumulation by top holders, with the top 100 addresses increasing their holdings by 2.8% in 30 days. These whales now control approximately 306 trillion PEPE tokens, accounting for over 70% of the circulating supply [1]. Analysts suggest this concentrated accumulation could signal long-term bullish sentiment, particularly as meme coins have seen a broader 38.7% gain in the same period, though PEPE has lagged with a 23% rise [1].

Technical indicators further support a potential rebound. PEPE’s price has formed an ascending triangle pattern, a bullish formation often preceding a breakout. The Relative Strength Index (RSI) has dipped to 34.60, entering oversold territory, while the Moving Average Convergence Divergence (MACD) shows flattening momentum, hinting at a shift in trend [1]. Traders are watching for a potential dip below $0.00001100, which could trigger renewed whale buying and set the stage for a move toward $0.00002000 or even the March highs of $0.00002836.

Market structure and on-chain activity also suggest resilience. Open interest in PEPE futures surpassed $1 billion for the first time, indicating growing speculative positioning [1]. This surge in liquidity, coupled with the token’s tight distribution among large holders, underscores confidence in its long-term trajectory. However, recent trading volumes have dropped 26% over 24 hours, signaling a consolidation phase rather than a full reversal [1].

The broader meme coin sector has faced mild corrections but remains supported by speculative demand. PEPE’s underperformance relative to its peers highlights the need for a catalyst to align its price action with market trends. Analysts caution that while technical indicators and whale behavior point to a potential 3x upside, confirmation will depend on liquidity sweeps and sustained buying pressure at critical support levels [1].

Sources:

[1] [Pepe Price Prediction: Massive Accumulation Spotted During 5% Crash – Reversal Incoming?](https://cryptonews.com/news/pepe-price-prediction-massive-accumulation-spotted-during-5-crash-reversal-incoming/)