The meme-inspired cryptocurrency PEPE has demonstrated impressive resilience, recording a rise of over 2.5% in the past 24 hours. This uptick positions PEPE ahead of the broader memecoin market, reflected by a 2.24% gain in the CoinDesk Memecoin Index (CDMEME) during the same timeframe.
PEPE’s price experienced a notable surge, climbing from $0.00000969 to a peak of $0.00001027. Trading activity was vigorous, with volumes exceeding 314 billion tokens in the final hour, as reported by CoinDesk Research’s technical analysis model. The price action created a temporary floor between $0.00001000 and $0.00001003, while resistance built around the $0.00001007 mark. Such technical indicators often suggest an accumulation phase, where investors are inclined to build positions rather than engage in rapid trading for profits.
This notable performance has placed PEPE ahead of the entire cryptocurrency landscape, as indicated by the CoinDesk 20 (CD20) index, which saw an increase of 1.8% in the same period. The momentum behind PEPE also appears to correlate with a significant uptick in whale activity, as wealthier investors show increasing interest in this memecoin.
Data sourced from Nansen reveals that the top 100 PEPE addresses on the Ethereum blockchain have collectively increased their holdings by 4.28% over the last month. In contrast, cryptocurrency exchanges have experienced a slight decline in their PEPE reserves, down 2.15% during the same period. This contrasting trend highlights a shift where whales are not only accumulating but may also be holding onto their assets, fostering long-term investment sentiment.
In addition to whale accumulation, the demand for PEPE futures has surged, with open interest rising to approximately $645 million, according to CoinGlass data. Growing interests in futures reflect a healthy market for PEPE, as speculative trading often contributes to price volatility and market depth.
As PEPE continues to outperform in the memecoin arena, its dynamics seem to indicate a strengthening interest among both individual investors and larger players in the market. The accumulation patterns and the rise in futures investment suggest that PEPE may be establishing itself as a formidable player in the cryptocurrency space.
With its recent price movements and the backing of whale activity, traders and analysts are keeping a close watch on whether this momentum can be sustained in the coming days and weeks. As always, potential investors should conduct thorough research and consider market conditions before making financial decisions.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
