Pepe Coin, the second-largest Ethereum-based meme coin, demonstrates bullish growth, reaching a peak since mid-June during a market recovery.
Overall Growth of Pepe Coin
On July 3, Pepe Coin surged to $0.0000107, marking its highest level since June 17. This rally coincided with a sharp price increase of Bitcoin, which hit $110,000.
Data on Large Holder Accumulation
According to Nansen data, the price increase of PEPE coincided with enhanced accumulation by large holders, who now own 7.95 trillion tokens, reflecting a 5% increase since last month. The top 100 addresses have also expanded their holdings, now controlling 302.8 trillion coins, which is a 3.86% rise from the previous month.
Technical Analysis of Pepe Coin Price
In technical analysis, PEPE peaked at $0.00001625 in May before entering a bear phase throughout June. However, it has found its way to a key support level that aligns with the ascending trendline connecting low points since March. PEPE has formed a falling wedge pattern, which is often a bullish continuation setup. If bullish momentum holds, the token could continue climbing toward the $0.00001625 resistance level. However, a drop below the $0.0000080 support would invalidate the bullish outlook.
The positive trends in Pepe Coin's price, coupled with accumulation by large holders and support from Ethereum, create optimistic expectations for further growth.
