Pepe (PEPE) is back in accumulation mode, while becoming the most-traded meme asset
Release: 2024/07/25 22:13 Reading: 218
PEPE: A Dominant Meme Asset with Whales Accumulating
Buyers are driving demand for PEPE, making it the most traded meme cryptocurrency. PEPE is also re-entering accumulation mode, with whales (large-scale investors) intentionally building significant holdings.
PEPE's Accumulation and Hype
PEPE promotes holding and eliminating zeros from its value. Recent weeks have witnessed a surge in accumulation activity, with funds flowing into established whale wallets. PEPE remains a liquid asset, allowing for short-term trading opportunities and the potential for future gains.
Heavy Buyers Emerge
An unidentified private wallet emerged as the largest PEPE buyer over the past day. These tokens were acquired on the spot market from the Bitpanda exchange in the European Union. Numerous smaller whales have also purchased PEPE, totaling over $17 million. Overall, 612,000 buyers increased their PEPE holdings last week, while sellers numbered around 420,000.
Whales Eyeing Opportunities
Recent data indicates that whale buying is becoming a trend, with large purchase orders boosting inflows. This suggests that whales are anticipating further appreciation in PEPE's value, potentially surpassing that of Shiba Inu (SHIB). The asset has already outpaced the recent hype surrounding DogWifHat (WIF).
Accumulation and Concerns
The accumulation and buying activity counter fears of selling pressure on PEPE. However, large whale buyers from OKX have appeared in recent quarters, raising concerns that PEPE may be sold off at a profitable price point.
Increasing Holder Base
The number of PEPE holders has accelerated since March, reaching a peak of nearly 260,000. Analysts attribute this increase to the launch of the Ethereum ETF and renewed interest in meme tokens.
Centralized Trading and Whale Concentration
PEPE's recent activity raises concerns that the community is becoming a battleground for whales and aggressive traders. The meme aspect of PEPE is fading in favor of its liquidity and potential for profit. Over time, PEPE has become more centralized, with the top 100 wallets holding approximately 75% of all tokens.
Market Concentration
Currently, ByBit exhibits the highest on-chain activity, distributing PEPE through clusters of wallets. Over 4.2% of the PEPE supply has been sent to ByBit. While PEPE has seen outflows from exchanges in the past, recent weeks have witnessed renewed inflows.
Niche Market Presence
PEPE has gained popularity in South Korea and Turkey, establishing trading pairs against the Turkish lira and South Korean won. These currencies account for nearly 6% of all PEPE trading.
Derivative Market and Price Volatility
PEPE has a small but highly volatile derivative market. Recent price movements have resulted in significant long liquidations, with $1.4 million in longs liquidated compared to $800,000 in shorts.
Current Price and Sentiment
PEPE is currently trading at $0.00001171, having erased recent gains. Trading volumes have consistently exceeded $1 billion per day over the past few days.
Cycle of Accumulation and Distribution
PEPE remains a cyclical asset, with both retail investors and whales rotating between projects. Despite calls for long-term holding, PEPE whales are closely monitored as indicators of "smart money" moving into other meme projects. The current accumulation could signal future selling or a potential breakout for PEPE.
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