The cryptocurrency Pepe, inspired by the 'Pepe the Frog' meme, is experiencing significant shifts in its holder composition and increased whale activity.
Current Changes in Pepe Holder Structure
According to IntoTheBlock, the number of large PEPE holders is declining, while whale activity is increasing. The meme coin's large holder net flows shifted from a $534 billion net outflow to a $580 billion net inflow in one day. This could trigger a fear of missing out (FOMO) among retail holders.
Whale Activity and Its Impact
An unknown crypto whale accumulated and withdrew over 337 billion PEPE tokens from the world's largest crypto exchange, Binance, in the last 20 days. These tokens are now valued at around $7 million. The biggest hike in net inflow occurred on November 14 when whales gathered 4.7 trillion PEPE at $0.000023. Since then, PEPE has been trading below that level.
Outlook for Pepe Traders
While long-term and mid-term PEPE holders are exiting the market, the number of holders for less than a month has risen by 262% in the last 30 days. The meme coin has been consolidating near the $0.000020 mark over the last two days. Analysts predict considerable hurdles in Pepe's bullish movement from short-term traders unless a strong whale accumulation occurs.
Amid whale activity and shifts in holder composition, analysts continue to monitor PEPE's situation, noting the token's high volatility in the market.
