- Whale accumulation and rising mid-size transactions hinted at growing confidence in PEPE’s price potential
- Short liquidations and bullish trend strength suggested price could extend beyond $0.000015
A massive transfer of 2 trillion PEPE tokens, worth over $27.8 million, was recently executed from Bybit to an unknown wallet.
As expected, such a significant move has raised speculation about potential accumulation by a large holder, rather than preparation for a sell-off.
Interestingly, the transaction seemed to be in line with rising market participation and bullish sentiments across the broader PEPE ecosystem. Whale actions often foreshadow key trend shifts. With this move occurring during a short-term price rally, it may hint at strategic long-term positioning, instead of distribution pressure.
Retail interest on the rise as on-chain address activity surges
Altcoin’s network data revealed growing activity among smaller investors. In fact, over the past 7 days alone, new addresses surged by 17.92% while active addresses rose by 8.05%.
Such an uptick in participation hinted at increasing retail confidence and broadening user adoption.
Although zero-balance addresses also saw a 1.64% hike, it was modest compared to the overall growth. Therefore, the net increase in address activity reflected renewed market enthusiasm.
In light of the aforementioned whale transaction, it can be argued that both institutional and retail participants have been showing interest in PEPE’s ongoing market performance.
Source: IntoTheBlock
Mid-size to large transactions on the up…
Transaction size analysis highlighted a broad-based uptick across all tiers, with especially sharp growth in mid-to-large categories.
Transactions in the $10k–$100k and $100k–$1M ranges increased by 138.92% and 160.16%, respectively. Additionally, $1M–$10M transactions soared by a staggering 2300%, reinforcing the presence of whales and high-conviction players.
Unlike retail spikes, large-volume activity tends to reflect informed positions – A sign that experienced players may be anticipating further upside in price action.
Source: IntoTheBlock
Liquidation trends show short positions are being squeezed more aggressively
At the time of writing, the derivatives landscape seemed to favor the market’s bulls. Data from 27 May indicated $1.02 million in short liquidations versus just $350k in long liquidations.
This imbalance may be a sign of aggressive short squeezing. Especially as bears are forced out of their positions due to upward price moves.
With shorts consistently losing ground, the market may be setting up for a volatility spike if upward momentum continues.
Despite these liquidations though, total Open Interest declined by 9.76% to $565.72 million. This drop alluded to traders’ caution or profit-taking, rather than fresh long exposure.
While such a decline may seem bearish, it can also reset the market and eliminate excessive leverage, laying the foundation for a healthier rally.
Source: Coinglass
PEPE consolidates near key Fib levels with strong bullish directional strength
PEPE, at the time of writing, was trading near $0.00001397 and consolidating above the 0.382 Fibonacci retracement level ($0.00001352).
This area has been acting as a near-term support. On the directional movement index (DMI), the ADX had a reading of above 45 – A strong trend. The +DI line was also above the -DI line, reinforcing bullish control.
With resistance now sitting at the 0.0 Fib level ($0.00001541), a breakout from this range could trigger the next leg up. As long as the support holds, the bulls will technically remain in command.
Source: TradingView
Can PEPE bulls flip $0.000014 into support?
At press time, PEPE bulls appeared to be well-positioned to flip the $0.000014-level into support and push higher.
In fact, the confluence of whale accumulation, rising transaction volumes, strong DMI trend strength, and aggressive short liquidations favored upside continuation too.
Furthermore, consolidation above the 0.382 Fib level would lend technical support to this thesis. While the resistance near $0.00001541 could cap the price briefly, clearing this threshold would likely trigger a wave of short stops – Enabling PEPE to chart a fresh local high.
