Whales Drive PEPE’s Rise
Large investors, known as whales, have been scooping up PEPE, fueling its surge. On-chain tracker Lookonchain revealed that three whale wallets recently bought nearly 690 billion PEPE, worth around $5 million. The biggest buyer, wallet 0x7A7D, alone spent $2.72 million on 437.7 billion PEPE.
The purchases have not only raised questions about the source of the funds but have also increased market excitement. Trading volume for PEPE has jumped 18% in the past day, reaching $1.05 billion. When both price and volume rise, it usually signals strong demand and growing investor interest, possibly driven by fear of missing out (FOMO).
Futures Market Signals Bullish Trend
Open interest in PEPE futures has also risen by 21%, hitting $120 million. A growing open interest during a price rally often means more capital is flowing into the asset, strengthening its bullish case.
Key Indicator Confirms Strength
PEPE’s Elder-Ray Index has turned positive for the first time since January, signaling a shift in sentiment. If this trend continues, PEPE could aim for $0.0000083. However, if momentum fades, it may drop to $0.0000048.
