Meme Coin Whales Are Accumulating PEPE Amid Pullback, Mammoth Price Surge Incoming?
Pepe coin (PEPE) has recorded a significant spike in whale accumulations after it surpassed a $10 billion market cap. Large holders continue to buy, anticipating expected price gains amid a volatile crypto market. PEPE price turned against the wider market direction, showing signs of a breakout in the green zone.
This month, on-chain charts show whales increasing holdings by $1.14 billion, igniting positive sentiments in the meme coin ecosystem. In the same time frame, wallets with holdings above $10 million worth of PEPE increased 147%. Despite these gains in institutional adoption, retail took a tumble, as expected, due to the overall ecosystem.
Users with less than $10 saw holdings drop 26%, while traders between $100 and $1000 saw holdings grow 21%. Meanwhile, users with $1 million and $10 million worth of holdings spiked 119%, signifying a shift to institutional investors. The decline in retail holders is linked to the recent market correction, as smallholders dump tokens to reduce losses.
Similarly, crypto analytics firm Lookonchain flagged several whale wallets acquiring assets. In the early hours of the day, nine wallets spent 13.8 million DAI tokens to obtain 555 billion PEPE.
Impact of Whale Accumulations
Traditionally, whale positions influence the market due to the size of their holdings. Recent huge purchases are expected to raise the price to new points as the bull cycle continues to evolve. The PEPE price stands at $0.000024 when writing, up 5% in the past 24 hours.
This slight gain shows a move above waters, unlike other assets in its class. PEPE has recorded 22% weekly gains and over 100% growth last month. The inflow of whales also led to several projections across crypto spaces. X user @jakecazz pointed to the bullish run of these assets, tipping the meme coin season.
BTC pumps. As BTC dominance drops, and alts run.
Finally, high-beta assets like meme coins explode. Today: $PEPE is green and showing relative strength to nearly everything while alts are red. This could signal profits rotating into memes as traders chase those juicy multiples that meme coins are known for giving, I am particularly bullish Meme coins on Ethereum & Base. Is Meme Season here?
This widespread accumulation among this class was seen in Q1 2024, ushering in the meme coin frenzy. Several meme tokens hit new all-time highs alongside a jump in major assets heightened by institutional flows.
Text source: ZyCrypto
