PEPE Whale Holdings Climb to All-Time High: Price Impact
07/02/2024 19:45
Pepe whales have intensified accumulation as the meme coin’s value continues to plummet. In the last month, its price has dropped by 22%.
The general decline in meme market activity has impacted Pepe’s (PEPE) price. Exchanging hands at $0.000011 at press time, the leading meme coin has witnessed a 22% value decline in the last month.
However, PEPE whales have seen this price dip as a buying opportunity and have spent the past few weeks “filling their bags.”
Pepe Whales Ape in
An assessment of Pepe (PEPE) whale activity revealed a spike in accumulation by investors that hold between 100,000 and 10,000,000 tokens. As of this writing, this cohort of PEPE investors holds 71,439 PEPE tokens.
This group of PEPE investors has increased their holdings by 3% in the last week. This comes amid a general uptick in the demand for the meme coin in the last seven days.
On-chain data show that PEPE’s daily active addresses have increased by 105% during that period. Likewise, the count of new addresses created daily to trade the meme coin has also risen by over 300%.
Read More: Pepe: A Comprehensive Guide to What It Is and How It Works
When an asset experiences a spike in whale accumulation and general network demand during a period of price decline, traders and investors see the lower price as a buying opportunity.
PEPE Price Prediction: Bearish Bias Remains Significant
Despite the increased attention from its whales in the past few weeks, the bearish sentiment that trails PEPE remains significant. According to its Directional Movement Index (DMI), PEPE’s positive directional index (blue) currently lies below its negative index (red).
An asset’s DMI determines the direction of its market trend. When set up this way, it signals that the price downtrend is stronger than any upward price movement. It is indicative of a continuation of a bearish trend.
If PEPE’s month-long decline continues, its price might fall to $0.000010.
Read More: Pepe (PEPE) Price Prediction 2024/2025/2030
However, if this trend reverses and an uptrend ensues, the meme coin’s value may climb to $0.000012.
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Abiodun Oladokun is a technical and on-chain analyst at BeInCrypto, where he specializes in market reports on cryptocurrencies from diverse sectors, including decentralized finance (DeFi), real-world assets (RWA), artificial intelligence (AI), decentralized physical infrastructure networks (DePIN), Layer 2s, and meme coins. Previously, he conducted market analysis and technical assessments of various altcoins at AMBCrypto, utilizing on-chain analytics platforms like Messari, Santiment,...
Abiodun Oladokun is a technical and on-chain analyst at BeInCrypto, where he specializes in market reports on cryptocurrencies from diverse sectors, including decentralized finance (DeFi), real-world assets (RWA), artificial intelligence (AI), decentralized physical infrastructure networks (DePIN), Layer 2s, and meme coins. Previously, he conducted market analysis and technical assessments of various altcoins at AMBCrypto, utilizing on-chain analytics platforms like Messari, Santiment,...
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