Whales Accumulate 23 Trillion PEPE During the Price Downturn, Fueling Recovery Hopes
Despite a six-week decline, top PEPE whale wallets have accumulated 23 trillion tokens, signaling potential recovery hopes.Summary
Pepe (PEPE), an Ethereum meme coin, is experiencing its sixth consecutive week of decline amid weakening market liquidity. However, on-chain data from Santiment reveals that the top 100 largest wallets have accumulated approximately 23.02 trillion PEPE over the past four months, suggesting smart money is betting on a bullish reversal.
Santiment noted that large wallet accumulation often precedes strong price rallies in altcoins, even when retail sentiment is bearish. While some analysts, like James Wynn, have exited their positions, the continued accumulation by whales fuels hopes for a rebound, contingent on sustained bullish momentum in Bitcoin.
Caution remains, as analysts warn that in a tightening liquidity environment, meme coins are vulnerable, and a new local bottom might form before any sustained recovery. A clearer signal for a sector-wide rebound would be a sustained increase in the meme coin dominance ratio.
(Source：BeInCrypto)