Buyers are dominant for Pepe (PEPE), turning it into the most traded meme asset. Pepe (PEPE) is also back in accumulation mode, with whales deliberately building significant holdings.
Pepe (PEPE) is a meme token encouraging holding and ‘eating zeros’. In the past weeks, PEPE is back in accumulation mode, with signs of inflows to old and known whale wallets. PEPE also remains a tradable token, which has gone through several short-term booms, allowing traders to buy back new positions in preparation for the next rally.
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Additionally, a so far unidentified private wallet became the biggest PEPE buyer for the past day. The tokens were acquired on the spot market, originating from the EU-based Bitpanda market. Several smaller whales also bought PEPE for another $17M in total. Overall, 612K buyers increased their PEPE holdings in the past week, while sellers were around 420K.
Additional data shows recent PEPE buying is a trend, bringing a mass inflow of whales with large buying orders. The recent buying is raising hopes that PEPE will soon flip Shiba Inu (SHIB). The asset surpassed the recent hype for DogWifHat (WIF). Additional buyers may flow into PEPE if it moves to a lower range, or ‘adds a zero’, until the price recovers for another 10X.
The accumulation and signs of buying is working against the fears that PEPE may soon face selling pressure. Big whale buyers from OKX have appeared in the past two quarters, and there are warnings of PEPE being prepared to sell at the right price.
Whales continue to accumulate $Pepe
This wallet accumulated 81.4 billion $Pepe yesterday, equivalent to 1 million USD. The wallet accumulated this $Pepe via DEX by swapping $1 million $USDC into $Pepe as would be shown in the snapshot
The wallet is valued at 1.4 million USD… pic.twitter.com/BP6woOtJuK
— PEPAY (🐸,🪺) backed by $PEPE (@pepaycoineth) July 24, 2024
PEPE buying accelerates, but whales still ready to trade
The growth of daily holders accelerated since March, reaching an absolute peak at nearly 260K. Analysts also saw a link between the launch of the Ethereum ETF and renewed interest in buying PEPE, the leading Ethereum-based meme token.
The recent wallet activity also sparks some concerns that the PEPE community is now shifting to a battleground of whales and aggressive traders. The meme aspect of PEPE is giving way to the potential to extract funds. PEPE moved on from a high-risk token to an established and liquid asset with more than $1B in daily trading volumes. For that reason, some PEPE retail holders may be switching to meme communities like APU or newer assets.
Also Read: Will Pepe Coin Dominate Dogecoin And Shiba Inu In 2024?
PEPE has become more consolidated over time, with the top 100 wallets concentrating nearly 75% of all tokens. Holders have grown to 264,349, though the majority of available tokens are held on exchanges for quick trading. PEPE relies more on centralized markets, unlike smaller tokens with a DEX-based profile.
Currently, ByBit shows the biggest on-chain activity, distributing PEPE through a cluster of wallets. In total, more than 4.2% of the PEPE supply has been sent to Bybit. Over the past months, PEPE saw outflows from exchanges, but some inflows renewed in the last few weeks.
PEPE still taps niche markets
Due to its rapid growth and social media popularity, PEPE also tapped the South Korean and Turkish markets. PEPE established a small, but important foothold in trading pairs against the Turkish lira and the South Korean won.
Nearly 6% of all PEPE trading is against those two currencies, surpassing the share of USD at under 1%. Tether (USDT) remains the most important pairing for PEPE, and the token is relying on Binance for most of its volumes.
PEPE also has a small derivative market, which is highly volatile and risky. The latest price action of PEPE led to a dominance of long liquidations, as the asset sank by more than 7%. Around $1.4M longs were liquidated, with 800K in short positions.
Also Read: Meme coins WIF and PEPE are the best-performing cryptos in 2024
PEPE traded at $0.00001171, erasing the gains from several small recent rallies. The recent price moves also saw PEPE volumes consistently rise to around $1B per day for the last few days.
PEPE is still a cyclical token, as both retail and whales move between projects. While there are calls to hold long-term, most PEPE whales are also watched as a sample of ‘smart money’ for rotating into other meme projects. The current accumulation may become the cause of future selling, but also a sign that a breakout is expected for PEPE.
Cryptopolitan reporting by Hristina Vasileva
