Pepe price nears big move as whales buy 650 billion coins

Pepe price rebounded, helped by the dovish Jerome Powell speech, surging Ethereum, and increased whale accumulation.

Pepe (PEPE), the second-biggest meme coin in Ethereum (ETH), jumped to $0.000015 on Saturday, Aug. 23, up sharply from this week’s low of $0.000009850. 

Pepe to benefit from whale buying

Whale have continued to accumulate Pepe tokens in a sign that they expect the price to keep going up. Nansen data shows that these investors now hold 8.79 trillion coins, up by 650 billion from where they were on July 23.

The top 100 Pepe holders have also boosted their holdings such that they now hold 306.84 trillion tokens, up from 300 trillion tokens last month. This accumulation has pushed the tokens in exchanges to a multi-month low of 253.40 trillion. 

These actions mean that Pepe has a robust demand from investors. More data shows that the weighted funding rate for Pepe coin has remained in the green this month. 

The funding rate looks at the fees paid by bulls and bears in the perpetual futures market. With the figure being in green, it means that bulls are paying bears a small fee as they expect the price to keep soaring. 

Pepe price will also benefit from the ongoing Ethereum price surge. As ETH jumps to a record high, it is likely that the top-quality tokens in its ecosystem will rebound too. 

Pepe price technical analysis

The daily timeframe shows that the Pepe Coin price formed a highly bullish double-bottom pattern at $0.000009850. It is slowly nearing its neckline at $0.00001265. A double-bottom is one of the most common bullish reversal patterns in technical analysis.

This pattern has coincided with the formation of the symmetrical triangle pattern, whose two lines are nearing their confluence level, where most breakouts happen. 

Therefore, the Pepe Coin price will likely have a bullish breakout in the coming days or weeks. The widest part of the symmetrical triangle is about 52%. Measuring this distance from the potential breakout point gives it a target of $0.00001890, up by 65% from the current level.