In a surprising turn of events, the Pepe memecoin has seen significant accumulation by its top 100 wallets, raising questions about the future of meme coins amidst a prevailing bearish market. The source notes that this trend highlights the potential for a shift in momentum, particularly in relation to Bitcoin's performance.
Accumulation of PEPE Tokens
Over the past four months, the top 100 wallets of the Pepe memecoin have amassed an impressive 2.302 trillion PEPE tokens. This accumulation occurs despite a generally negative sentiment among retail investors towards meme coins, indicating a divergence in market behavior.
Potential Breakout Signals
According to data from Santiment, the heavy buying activity from these large wallets could signal a potential breakout for PEPE, especially if Bitcoin begins to show sustained bullish momentum. As the cryptocurrency market remains volatile, the actions of these significant holders may play a crucial role in shaping the future trajectory of the Pepe memecoin.
Recently, Multicoin Capital made headlines by reallocating a significant portion of its Ethereum holdings to the HYPE token, marking a strategic shift in its investment approach. This move contrasts with the current accumulation trends seen in the Pepe memecoin. For more details, see read more.
