Pepe (PEPE) dropped by nearly 5% in the past week, and this made retail investors anxious. Big investors, also called whales, have been purchasing the token in the past few days, though. This points to optimism in the potential for a reversal despite the present downturn and sluggish trading volume.
Nansen data also shows that the top 100 PEPE addresses added holdings last month to the equivalent of 2.8%. These addresses currently hold about 306 trillion tokens. That represents over 70% of circulation, signaling significant whale dominance and healthy long-term holdings from early adopters.
The meme coins dipped but still posted a 30-day 38.7% rally. PEPE underperformed and only managed to make 23% in the same timeframe. Despite trailing peers, it’s still a market-cap leader in meme coins and popular for speculative plays.
PEPE price action signals bullish setup
CoinGlass data shows open PEPE futures interest went above $1 billion for the first time ever. The explosion indicates growing trader interest and potential big volatility. Speculation ranges that many expect a breakout after price consolidation.
The PEPE price fell 3.4% in 24 hours to $0.00001188. Daily volume fell 26% to show a lull. This, analysts say, points to consolidation and not trend reversion, and that the bulls will remain in control once current selling momentum fades.
Chart patterns recognize PEPE forming an ascending triangle. This bull pattern features higher lows and horizontal resistance. The chart pattern often experiences breakouts when bear momentum subsides and liquidity builds up in the vicinity of major levels near trendline support.
Potential 3x rally targets $0.00002000
Another dip below $0.00001100 will sweep out liquidity and bring about more whale purchases. This washout can set up a 3x rally, to $0.00002000 and the March top at $0.00002836. Technical and on-chain metrics are in agreement in favor of bullish continuation.
PEPE held up quite well despite the broader 5.3% drop in the $3.9 trillion crypto market. With its 2% decline mirroring Bitcoin stability, PEPE’s large market capitalization allows it to act like a traditional crypto in downtrends.
