PEPE Surges 15% as Whales Accumulate 5% More, Total Supply on Exchanges Drops 2.66%

Market participants have shifted from a state of capitulation to accumulation, bringing renewed bullish sentiment to the PEPE price outlook. This shift has been accompanied by a significant increase in transaction volume, surpassing levels not seen since early June. The meme coin has experienced a 15% gain to start July, driven by more than just retail flows. Whales have been core contributors to this accumulation, increasing their holdings by over 5% over the past month to top $7.95 billion. This accumulation by smart money suggests a potential reversal point as PEPE remains 60% below its late-2024 high. The total PEPE supply on exchanges has also dropped to its lowest level in over two years, falling to 246.82 trillion—a 2.66% decline since early July. Fewer tokens on exchanges typically signal a shift toward HODLing, as investors move holdings into self-custody.

The early July surge has pushed PEPE to retest critical support at $0.00001035—the final barrier to confirming the breakout of a 6-month cup and handle pattern. Having completed the corrective ABC phase of a potential Elliott Wave structure, mid-June now stands as a likely local bottom, favoring bullish continuation within the pattern’s broader trend. Momentum indicators also support this bullish outlook. The RSI has sustained a lasting uptrend for the first time since the downtrend forming the handle began, now sitting just below the neutral line at 49 as buyers step back in. The MACD is also flashing bullish signals, with the daily chart having already confirmed a golden cross, and the 3-day time frame potentially following suit, hinting at a longer-term uptrend. Should the PEPE price close above $0.00001035 decisively, the pattern projects a technical target in line with the 1.618 Fibonacci level at $0.00002160—a 117% gain from current levels. However, if it fails, PEPE risks a false breakout and a continuation of its current downtrend. The next key support is $0.0000079—aligned with the end of the prior Elliott Wave structure—potentially signaling a deeper correction.

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