What to Know:
- Top 100 wallets boosted PEPE holdings by 4.28%, signaling strong investor confidence.
- Price broke above $0.00001003, creating momentum for a possible further rally.
- Open interest hit nearly $645M, showing rising trader excitement and market activity.
The market is once again paying attention to Pepe (PEPE). The token went up 0.93% in the last 24 hours, bringing its 7-day gain to 7.08%. There is a lot of interest in PEPE again because whales are buying it up, there are technical breakouts, and there is a lot of activity in the derivatives markets. These things together show that big traders and investors are getting ready for what could be PEPE’s next big move.
Whales Are Buying Big
Recent on-chain data shows that the top 100 PEPE wallets have grown their holdings by 4.28% in the last week. In the world of cryptocurrency, big investors, also known as “whales,” can have a big impact on price changes. When whales buy a lot of a token, it usually means they are becoming more sure of its short-term potential.
The fact that whales are buying more PEPE suggests that big investors think the current price levels are good. Whale accumulation not only supports the token’s price, but it also makes the market feel better.
Some crypto analysts think that the actions of whales could be a sign of things to come, like new partnerships or developments. This is because big investors often act before small investors do.
Breaking Through Resistance
PEPE’s recent rise also came after it broke through a key resistance level at $0.00001003, which had kept its price from going up before. Resistance levels are like walls that prices can’t get over. When they break, they often become new “floors” that hold up the price.
This breakout has given traders who use chart patterns and signals to make decisions more confidence. The upward trend could bring in more buyers, especially since PEPE is still getting a lot of attention on social media and trading sites. If PEPE can keep this up and stay above $0.000010, many analysts think it could go up even higher in the next few weeks.
Derivatives Data Shows Bullish Sentiment
Another important reason why PEPE is going up is that futures open interest has shot up to almost $645 million. Open interest shows how many futures contracts are still open. In this case, it shows how many traders have bet on PEPE’s future price.
When open interest goes up, it usually means that more traders are entering the market, often because they expect prices to move strongly or become more volatile. The amount of open interest right now shows that both retail and institutional traders are getting more involved in PEPE’s futures markets. This suggests that people are getting more excited about the token. It’s important to remember, though, that higher open interest can also cause big corrections if traders start to take profits or close positions.
Memecoins Stay Strong
PEPE’s rise is part of a larger trend in the memecoin market, which is still drawing traders looking for quick profits and projects that are run by the community. Tokens like Shiba Inu (SHIB) and Remittix have also been in the news a lot lately, along with PEPE.
Reports say that more than 40,000 new investors have joined the Remittix project. This shows that the memecoin wave is still going strong, even though the market is changing. PEPE, on the other hand, stands out because it has a lot of trading volume, a strong community behind it, and more whales getting involved. All of these things suggest that the market will stay interested.
What’s Next for PEPE?
PEPE seems to be entering a new phase of growth as whales buy more, open interest rises, and technical indicators turn positive. Short-term traders are keeping a close eye on whether the token can stay above its breakout level, while long-term holders are betting on more adoption and hype.
Even so, memecoins like PEPE are still very volatile, so investors should be careful. Market sentiment can change quickly, and the same things that make prices go up can also make them go down quickly.
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