Key Insights
- Pepe whales have been making big moves In the market so far.
- Two of these whales were observed accumulating the memecoin by SpotOnChain, even despite taking on losses.
- This behavior from the big players in the market has sparked optimism about a PEPE comeback.
- Pepe currently appears to be in for a retest of its lower lows. However, a comeback should surface quickly once the sweep is complete.
The PEPE coin whales are making bold moves in the crypto market this week.
This cohort of investors has been accumulating billions of tokens despite recent sell-offs across the crypto market.
The shift in activity has now reignited optimism within the PEPE meme coin community, and many are expecting a price rally.
Will we see a rebound soon?
A Strategic Move From The Whales?
According to recent on-chain data, significant activity has been going on between two notable Pepe Coin whales.
These addresses Ox8f5 and Oxb1a have collectively bought over 480 billion PEPE tokens lately.
Interestingly, Whale Ox8f5 withdrew tokens worth approximately $5 million directly from Binance.
However, despite their aggressive accumulation, this whale has lost nearly $1.45 million from previous PEPE investments.
The next whale, on the other hand, seems to be different.
The whale with address Oxb1a bought tokens worth $3.72 million in USDC, even despite the steep drop in PEPE’s price.
As a result, many have speculated that the whales are taking advantage of the lower prices, and are expecting a future surge.
Community Optimism versus Current Market Reality
This accumulation fro the whales hasn’t yet affected Pepe’s price—at least not noticeably.
As of now, the cryptocurrency is trading at around $0.00001724 and is down by around 3.59% in the last 24 hours.
The last week has also seen the price decline by 17.93%, with a near-30% drop in the last month.
Despite these issues, there are some positive signs.
One of these is the cryptocurrency’s open interest, which has increased by a modest but encouraging 0.5% over the last 24 hours.
The cryptocurrency’s trading volume over the last 24 hours has also increased by as much as 59%.
According to the charts, Pepe’s bullish explosion in December of last year resulted from a breakout above the symmetric triangle shown below:
The cryptocurrency now appears to be on its way towards a post-breakout retest, before a recovery.
Needless to say, a rebound off the $0.00001324 price level could set Pepe back on its way towards the upside.
Volatility Persists In The Broader Crypto Market
The crypto market is notoriously volatile at this point, and PEPE has reflected this almost perfectly.
While the whale accumulation has sparked hopes of a recovery, the broader market’s conditions will likely play a major role in determining what happens next.
Interestingly, something notable happened last week, when a whale offloaded 85 billion PEPE tokens, valued at approximately 1.51 million USDC.
This has raised questions about the motive of these big players and how much sway they have over the market as a whole.
If whales continue to buy the dip and the broader altcoin market stabilizes, PEPE could be well on its way to recovery.
Still, the community remains watchful and is balancing optimism with caution.
Investors and enthusiasts are hopeful that this whale accumulation phase could be the start of a new price recovery.
All eyes will remain on the broader market trends and whale behavior in the coming weeks.
Key Insights
Could Pepe Coin be in for a comeback? Whales are currently accumulating, and all eyes are on one of the largest memecoins by market cap.