Pepe (PEPE) Price: Memecoin Surges as Whales Load Up on Tokens

TLDR

PEPE surged 9.23% in 24 hours, becoming the only top gainer with over $1 billion trading volume Smart money wallets accumulated 642 billion PEPE coins in 30 days, a 150% increase Futures traders show bullish bias with long-to-short ratio at 1.06 and positive funding rates for three days Golden cross formed on daily chart as 50-day moving average crossed above 200-day moving average Exchange supply dropped from 160 trillion to 104.85 trillion coins since January as holders withdraw tokens

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PEPE has recorded strong gains over the past 24 hours, rallying 9.23% to reach $0.00001263. The memecoin now ranks among the top daily gainers with trading volume exceeding $1 billion.

PEPE Price

This volume surge represents a 46% increase from previous levels. PEPE remains the only token in the top gainers list to surpass the $1 billion trading volume threshold.

The price rally began after PEPE retested key support at $0.00001107 on May 31. From this level, the token formed four consecutive green candles on the daily chart.

PEPE has reclaimed the 50% Fibonacci retracement level at $0.00001227. The recovery coincides with improved market conditions as Bitcoin and Ethereum bounce from recent lows.

Smart Money Shows Strong Interest

Data from Nansen reveals smart money wallets accumulated over 642 billion PEPE coins in the past 30 days. This accumulation represents a 150% jump in holdings.

Whale addresses expanded their positions by 4% to 10.06 trillion PEPE coins. Large holders continue to increase their stakes in the memecoin.

Long-term holders purchased $6 million worth of PEPE in the past 24 hours. These tokens were moved into private wallets for storage rather than kept on exchanges.

Exchange supply has dropped from 160 trillion to 104.85 trillion coins since January. This decline suggests holders prefer to retain positions rather than sell.

The reduction in exchange supply could create a supply squeeze. Limited availability may drive prices higher if demand continues.

Futures Market Remains Bullish

Futures traders maintain a bullish stance on PEPE. Short traders lost $2.55 million while long traders lost only $708,000 in the past 24 hours.

The long-to-short ratio stands at 1.06, indicating more traders favor upward price movement. Ratios above 1.0 typically signal sustained bullish sentiment.

Source: Coinglass

Open interest surged 6.47% to $537.96 million. This increase reflects growing confidence among derivatives traders.

The Open Interest-Weighted Funding Rate has remained positive for three consecutive days. Positive funding rates indicate bullish market sentiment.

Source: Coinglass

Technical Analysis Points Higher

A golden cross formed on the daily chart as the 50-day moving average crossed above the 200-day moving average. This pattern often signals sustained upward trends.

Source: TradingView

PEPE currently trades around $0.00001254, just below the 20-day EMA at $0.00001266. A breakout above this level could open the path to higher resistance zones.

Analysts eye price targets in the $0.000015 to $0.000016 range. The next major resistance sits at $0.00001400 and $0.00001600.

The MACD histogram continues printing red bars but with fading intensity. This suggests weakening bearish pressure.

The Relative Strength Index sits near 51 and is trending higher. This indicates strengthening bullish momentum may be developing.

PEPE currently ranks 27th by market cap at $5.3 billion. The token has established itself among the top memecoins in the Ethereum ecosystem alongside Shiba Inu.

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