PEPE, the popular memecoin, has posted a 25% gain over the past week, highlighted by consecutive daily rallies of 11% on both Wednesday and Thursday. The token now trades comfortably above its 50-day and 100-day Exponential Moving Averages, with several technical indicators pointing to continued bullish sentiment.
Market capitalization and whale activity
Currently, PEPE has reached a market capitalization of $1.19 billion, securing its status as the fourth-largest memecoin by valuation. This performance follows a period of near stagnation, as the token saw little movement over the previous month.
Blockchain analytics from Santiment show that Thursday brought seven large transactions exceeding $1 million each, marking the highest recorded level of whale activity since March 16. These substantial transfers point to increased interest from large holders, sometimes referred to as “whales.”
With PEPE’s reserves on exchanges dropping from 82.75 trillion to 81.30 trillion tokens, and the largest non-exchange wallets expanding their holdings to 84.04 trillion PEPE, the data suggest significant accumulation by major market participants.
This migration of tokens from exchanges to sizable private wallets is commonly associated with accumulation by institutions or high-net-worth investors, which can serve as a bullish signal during periods of price consolidation.
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AAPLMini dictionary: Whale, a term in cryptocurrency markets that refers to an individual or entity holding large amounts of a particular token, typically capable of influencing price movements through significant trades.
Derivatives market strength
The derivatives market has amplified PEPE’s bullish outlook, with open interest in perpetual futures contracts rising from $209 million to $250 million, marking a three-month high. The weighted funding rate is recorded at 0.0095%, indicating that traders are willing to pay a premium to maintain long positions amid rising optimism.
CoinMarketCap’s sentiment index for PEPE currently stands at 4.89, classifying the token as “very bullish” by community consensus.
Over the last 15 days, capital movement in the perpetual futures market has shifted sharply. Following an outflow of approximately $17 million earlier in the period, the market has now registered roughly $84.44 million in aggregate inflows, with net positive inflow reaching $1.10 million.
| Metric | Recent Value | Change/Comment |
|---|---|---|
| Open Interest (Futures) | $250 million | Three-month high |
| Funding Rate | 0.0095% | Positive premium for long positions |
| Capital Inflow (Derivatives) | $84.44 million | Reversal from prior outflows |
| Exchange Reserves | 81.30T PEPE | Down from 82.75T |
| Whale Accumulation | 84.04T PEPE | Up from 80.50T |
Spot market mixed, technicals turning bullish
While futures and whale accumulation present a strong bullish case, spot market trading has signaled less robust momentum. Between August 18 and 19, net PEPE sales totaled $2.65 million, with $2.31 million occurring on the latter date alone. Recent data show spot net accumulation has improved to about $660,170, reflecting positive but modest buying interest.
On the technical analysis front, PEPE has broken above its previous June 15 peak of $0.00000314. The next resistance stands at the 200-day EMA, specifically at $0.00000363. A confirmed breakout above this level may pave the way for a rally toward the May 10 high at $0.00000459.
The Moving Average Convergence Divergence (MACD) indicator is showing a bullish crossover, with its main line crossing above the signal line and moving into positive territory. A new bullish histogram is emerging, further supporting the notion of continued upward momentum.
Broader participation in the spot market would be necessary for sustained growth in PEPE’s price, suggesting that additional confirmation outside of futures and whale activity is required for long-term upside.
