Pepe Coin shows significant recovery in the cryptocurrency market after falling to a weekly low.
Whales' Accumulation
Data from Nansen indicates that whale investors have accumulated 650 billion additional Pepe tokens in the past month. Their collective holdings now stand at 8.79 trillion tokens, rising from 8.14 trillion on July 23. Additionally, the top 100 Pepe holders have increased their total holdings from 300 trillion to 306.84 trillion tokens.
Decrease in Exchange Supply
This accumulation has pushed the number of Pepe tokens held in exchanges down to 253.40 trillion, marking the lowest level in several months. This decline in available supply suggests reduced selling pressure, reinforcing the ongoing uptrend.
Technical Indicators and Forecasts
On the daily chart, Pepe has formed a double-bottom pattern at the $0.000009850 level, a formation known for signaling potential reversals. The neckline for this setup lies near $0.00001265. Simultaneously, a symmetrical triangle has emerged, with converging trend lines that typically precede a breakout. Additional data shows that the weighted funding rate for Pepe in the perpetual futures market has remained positive throughout the month, highlighting bullish expectations among derivatives traders.
Pepe Coin presents potential for further growth amid increasing whale holdings and positive technical indicators, which may attract more investor interest.
