- Over the past day, Pepe has surged by 11.9%.
- Pepe whales are aggressively accumulating, scooping 14.5 trillion tokens over the past day
Over the past day, Pepe [PEPE] saw a massive uptick in whale activity. As such, whale activity has surged by 170.83% over the past day as evidenced by the number of large transactions.
Looking at the number of large transactions, they have risen from 96 to 260 transactions.
Source: IntoTheBlock
When large transactions rise, it suggests that whales are active in the market either selling or buying. To determine which side of the flow whales are taking, we look at whale inflow and netflow.
According to IntoTheBlock data, large holders’ inflow has spiked by 419% rising from 2.8 trillion to 14.55 trillion tokens. This implies that whales are increasingly buying the memecoin.
Source: IntoTheBlock
Additionally, large holders’ netflow has surged from -105 billion to 8.22 trillion Pepe tokens over the past day. A positive netflow here implies that there’s more capital inflow than outflow.
Thus, whales are buying more than they are selling.
When whales accumulate in such huge numbers, it reflects their confidence in the market as they expect prices to rise further.
Such a shift in sentiment among large entities acts as a bullish signal for retailers and speculative buyers.
Impact on price charts?
According to our analysis above, whales have been aggressively buying. Usually, a high demand precedes higher prices. This was so witnessed over the past day.
In fact, Pepe prices surged to $0.00000817 for the first time in three weeks. This marked an 11.92% increase on daily charts. Since then, though, the memecoin has retraced to $0.0000079.
Source: Coinglass
Despite the retrace, the market still remains bullish, as evidenced by a declining spot netflow. According to Coinglass data, Pepe’s spot netflow has dropped to -$4.93 million, signaling strong accumulation.
With more outflows than inflows, it suggests that across the market, all participants, both whales and retailers are optimistic and expect prices to gain further.
Therefore, the prevailing market conditions position Pepe for more gains on its price charts. With whales and retailers both bullish, there’s enough demand from the buy side.
Historically, a high demand precedes increased prices. As such, if the prevailing market conditions hold, Pepe could attempt a move toward $0.000090.
However, if the recent uptrend leads to profit taking from short-term holders, the memecoin will retrace to $0.0000074.
