Usman Salis
PEPE cryptocurrency shot up 14% in 24 hours as big players started buying heavily, while Bitcoin smashed through $118,000 in a market-wide rally. The top 100 addresses increased their holdings by 2.3% over the past month, while exchange holdings have dropped by 2.17%.
PEPE Price Action Shows Strong Rally Momentum
The price of PEPE exploded 14% over the last 24 hours, driven by large-scale buying and a broader rebound across the cryptocurrency space that saw Bitcoin top the $118,000 mark. The token surged from $0.000011141 to $0.000012812, adding fuel to a sector that thrives on online hype and sudden bursts of trading.
While the broader CoinDesk 20 (CD20) index rose 7.3% in the last 24-hour period, memecoins are clearly having their moment. The CoinDesk Memecoin Index (CDMEME) jumped 11.3% in the same timeframe, showing that traders are really going all-in on these alternative digital assets.
Whale Activity Drives PEPE Accumulation
Behind the spike was serious whale activity. Data from Nansen shows that the top 100 addresses holding PEPE have added more than 1% to their holdings just in the past day, reaching 304.1 trillion PEPE tokens. At the same time, exchange holdings keep dropping.
Over the past month, the top 100 PEPE addresses grew their holdings by 2.3%, while the total amount of tokens held on exchanges dropped by 2.17% to 252.2 trillion. This pattern suggests that big holders are moving their tokens off exchanges - usually a sign they're planning to hold for the long haul rather than sell quickly.
Technical Signals Point to Sustained PEPE Price Movement
Technical indicators hint at sustained momentum for PEPE. During the rally, the token traded in an 18% range between lows of $0.000009823 and highs of $0.000013068. A key resistance level emerged at $0.000012482, with price reversals happening there on heavy volume, according to CoinDesk Research's technical analysis data model.
Meanwhile, solid support held near $0.000011013 as traders bought dips aggressively. This support level has been holding strong, giving traders confidence that there's real demand backing up the current rally.
The combination of whale buying, fewer tokens on exchanges, and clear technical levels suggests PEPE's current run might have more staying power than your typical memecoin pump. While these assets remain highly speculative, the data shows there's organized buying interest that could keep things moving, especially with Bitcoin hitting new highs above $118,000.
Usman Salis
