Pepe (PEPE) Enters Accumulation Phase, Emerges as Leading Meme Token

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Pepe (PEPE) has become the most traded meme asset, with buyers taking control and whales amassing significant holdings.

The token, known for its meme status and the concept of “eating zeros,” is back in accumulation mode. Recent data shows substantial inflows to whale wallets, indicating a renewed interest in PEPE.

Whale activity and accumulation

In the past weeks, PEPE has seen deliberate accumulation by whales, with notable transactions including a significant purchase by an unidentified private wallet, which recently became the largest PEPE buyer. This wallet acquired tokens on the EU-based Bitpanda market. Additionally, smaller whales collectively purchased PEPE worth $17 million. Over the past week, 612,000 buyers have increased their holdings, compared to 420,000 sellers.

PEPE’s increased trading activity has raised hopes that it might soon surpass Shiba Inu (SHIB). The asset has also outperformed DogWifHat (WIF) in recent hype. If PEPE’s price drops to a lower range or “adds a zero,” more buyers may enter the market, potentially leading to a significant price recovery. This trend suggests a strong market sentiment favoring PEPE despite potential selling pressures from large whale buyers on OKX.

PEPE has shown resilience, with daily holders peaking at nearly 260,000 since March. Analysts link this renewed interest to the launch of the Ethereum ETF, highlighting PEPE’s position as a leading Ethereum-based meme token. However, the recent wallet activity has sparked concerns about PEPE becoming a battleground for whales and aggressive traders. The token has evolved from a high-risk asset to a liquid asset with over $1 billion daily trading volumes, prompting some retail holders to shift to other meme communities like APU or newer assets.

Market trends and global reach

PEPE has consolidated over time, with the top 100 wallets holding nearly 75% of all tokens. The number of holders has grown to 264,349, with most tokens on exchanges for quick trading. PEPE relies more on centralized markets than smaller tokens with a DEX-based profile. ByBit shows the most significant on-chain activity, distributing PEPE through a cluster of wallets. More than 4.2% of PEPE’s supply has recently been sent to ByBit, with renewed inflows in the last few weeks.

PEPE’s rapid growth and social media popularity have allowed it to tap into niche markets, including South Korea and Turkey. Approximately 6% of PEPE trading pairs are against the Turkish lira, and South Korea won, surpassing the USD trading share by under 1%. Tether (USDT) remains the most crucial pairing for PEPE, with Binance handling most of its trading volumes.

Volatility and market dynamics

PEPE’s small derivative market remains highly volatile and risky. The latest price movements led to a dominance of long liquidations, dropping the asset by over 7%. Around $1.4 million in long and $800,000 in short positions were liquidated as PEPE traded at $0.00001171, erasing gains from recent rallies. Despite these fluctuations, PEPE’s daily trading volumes have recently risen to around $1 billion.

As a cyclical token, PEPE sees retail and whale investors moving between projects. While there are calls for long-term holding, most PEPE whales are viewed as “smart money” rotating into other meme projects. The accumulation phase may signal a future PEPE breakout despite large holders’ potential selling pressures.

This accumulation period and increased whale activity suggest PEPE may be gearing up for significant market movements. With its substantial trading volumes and growing global reach, PEPE remains a crucial player in the meme token market.

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