Whales Accumulate 23 Trillion PEPE During the Price Downturn, Fueling Recovery Hopes
Pepe (PEPE), a large-cap meme coin on Ethereum, has entered its sixth consecutive week of decline. However, on-chain information reveals that good cash accumulation stays intact.
As meme cash lose favor amid weakening market liquidity, questions are rising over whether or not PEPE can stage a restoration.
Top PEPE Whale Wallets Bet on a Bullish Reversal
Last month, James Wynn, a well known dealer on Hyperliquid with giant PEPE lengthy positions, predicted that PEPE’s market capitalization could reach $69 billion by 2026. This forecast got here simply earlier than a pointy rally. Two weeks later, he confirmed that he had closed all positions and sold his entire PEPE holdings.
Despite this exit, different buyers have continued to build up PEPE. On-chain information from Santiment reveals a notable shift in conduct amongst the prime 100 largest wallets. Over the previous 4 months, following the broader market sell-off in October, these wallets have gathered roughly 23.02 trillion PEPE.
Santiment famous that giant wallets usually play a decisive function in reversing altcoin traits and triggering robust value rallies.
“Smart cash wallets play an enormous half in altcoins finally reversing course and occurring main runs. Retail sentiment could be very bearish at the second towards Pepe and meme cash, however anticipate that cash with heavy accumulation will inevitably have one other breakout as soon as Bitcoin is ready to see some sustained bullish momentum.” — Santiment reported.
Analysts anticipate PEPE’s value to rebound in the close to time period. However, warning stays, as a possible new native backside might kind earlier than any sustained restoration.
PEPE’s restoration seems to have some basic assist. Still, buyers stay hesitant to allocate capital to meme cash underneath present market circumstances.
Market analyst Benjamin Cowen warned that, in a tightening liquidity environment, meme cash are prone to endure the most extreme impression. Some could even disappear completely.
Data on meme coin dominance in the altcoin market, which measures meme coin market capitalization as a share of complete altcoin capitalization, stays low.
A sustained rebound on this dominance ratio would supply a clearer sign of a broader recovery for PEPE and the meme coin sector as a complete.
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