- Pepe whales stepped up accumulation, snapping up 9 trillion tokens in the past 24 hours.
- One whale alone scooped 1.5 trillion PEPE worth $13.3 million during this period.
While Pepe [PEPE] continued to struggle on its price charts, whales attempted to pump it. Inasmuch so, whales have been aggressively accumulating the memecoin.
For instance, over the past day, a PEPE whale with $147 million assets withdrew 1.5 trillion PEPE tokens worth $13.3 million according to Lookonchain.
Whales increase pace, betting on price strength
This wasn’t an isolated move, as the transaction followed the wider market behavior among PEPE whales.
During the same period, whales purchased $9 trillion worth of PEPE tokens, up from 3.25 trillion the previous day.
This surge in buying activity from whales indicates strong market confidence among large holders, who are seizing the opportunity to accumulate tokens while memecoin prices remain stagnant.
On top of that, PEPE has now logged six consecutive days of positive Large Holder Netflows — a bullish on-chain pattern.
Since the 24th of April, PEPE whales have bought more than they have sold. At press time, the Netflow sat at 285.9 billion tokens, reflecting strong buying activity from large holders.
Source: IntoTheBlock
When whales turn to accumulation, it’s a sign of confidence in the market as they take positions before prices rise further.
This reflects bullish sentiments, with whales anticipating prices to rise. Interestingly, retail traders also appeared to support the token.
PEPE’s Spot Netflow has remained negative over the past five days, currently sitting at -$218k.
A negative Spot Netflow suggests that tokens sent out of exchanges by market participants outweigh the inflow, reflecting strong buying pressure.
Historically, a higher buying pressure has preceded the rise in prices. If this trend holds, we could see the same scenario play out.
Source: CoinGlass
Any impact on price charts?
Having said that, whale buying hasn’t yet lifted PEPE’s price. The memecoin stayed locked between $0.0000085 and $0.0000092.
Since reaching $0.000098 four days ago, the memecoin has lacked upward momentum, resulting in a retrace.
However, the growing demand is strengthening the memecoin for a potential breakout from this range.
Therefore, if buyers can maintain the momentum to displace sellers, we could see the memecoin jump to $0.0000098 and attempt $0.000010.
Conversely, if the struggle between sellers persists, the memecoin will continue to trade sideways. Prolonged consolidation could result in PEPE dropping to $0.0000084 as whales become impatient.
