PEPE Whale Activity: A Bullish Signal?
PEPE Whale Accumulation: A Closer Look
Recent on-chain data reveals significant PEPE accumulation by whales, fueling speculation of a potential price increase. Over the past 24 hours, whales acquired 9 trillion PEPE tokens, a substantial increase from the previous day's 3.25 trillion. One whale alone purchased 1.5 trillion PEPE, valued at approximately $13.3 million.
This massive buying spree follows six consecutive days of positive large holder netflows, a bullish on-chain indicator. The netflow currently stands at 285.9 billion tokens, demonstrating strong buying activity from major holders. This accumulation suggests confidence in PEPE's future performance.
Retail Trader Activity and Spot Netflow
While whale activity is positive, the retail trader perspective offers a slightly different picture. PEPE's Spot Netflow has been negative over the past five days, currently at -$218k. This indicates that the outflow of tokens from exchanges exceeds the inflow, suggesting strong selling pressure from smaller investors. Despite this, historically higher buying pressure has often preceded price increases, therefore, this data needs to be considered along with other indicators
Price Impact and Future Outlook
Despite the significant whale accumulation, PEPE's price has remained relatively stagnant, trading between $0.0000085 and $0.0000092. This suggests that while large holders are accumulating, selling pressure might still be influencing the market. A sustained increase in buying momentum could push PEPE towards $0.0000098 and potentially even $0.000010. However, continued selling pressure could lead to a price drop to $0.0000084.
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