Pepe is drawing significant interest from traders entering the meme coin market, attracted by renewed whale participation. That is according to a revelation disclosed by market analyst Whale
Pepe is drawing significant interest from traders entering the meme coin market, attracted by renewed whale participation. That is according to a revelation disclosed by market analyst Whale Factor. The expert shared data showing that PEPE has surged 42.7% in the last seven days, a strong uptick driven by whales re-entering the market.
The data also showed that renewed activity among large holders (whales) has enabled the asset to break through major resistance levels. The meme coin, inspired by the Frog ‘internet meme ’, is back in the spotlight, capturing strong trading activity.
Since August 24 last month, PEPE has fallen sharply, hitting a low of $0.00000320 and remaining in a downtrend. The drastic drop over the past two weeks was followed by a sudden rise, signaling that whales have been taking advantage of the dip to accumulate tokens in large numbers. With continued whale accumulation, the asset has recovered notably, aligning with the broader crypto market and attracting enthusiasm from retail traders.
After the recent sharp price drop, whales began buying large quantities at a discount. As a result, the ongoing accumulation pumped the price up and created FOMO by attracting retail investors into the market.
Since September 16, PEPE has been in an uptrend, rising from a low of $0.00000333 and reaching $0.0000046 by September 22 this week on Tuesday. Today, it trades at $0.0000046, up 22.6% and 30.8% over the past seven days and two weeks, suggesting increased buying activity as buyers expand their holdings for future growth.
The current development in the Pepe market is interesting. It’s intriguing because as whales buy large amounts of tokens, they not only drive the price up, but also force weak hands to panic-buy. And therefore, based on the ongoing engagement, PEPE appears to be preparing for the next big leap.
The asset is laying the foundation for its next rally, as on-chain analysis shows renewed whale accumulation, a potential PEPE ETF greenlight, and a possible massive token buyback initiative has been talked about across social media in recent days. The ETF buzz refers to an application filed by Canary Capital back on April 25, which awaits possible regulatory approval. Also, a token buyback development is being linked to a community proposal, which awaits confirmation and a timeline to be communicated by the Pepe team.
