Pepe (CRYPTO: PEPE) has fallen 38% over the previous month, however on-chain knowledge reveals whales have been aggressively accumulating for the reason that October 10 liquidation crash.
Dealer Notes: Dealer Defi Priest says PEPE could also be displaying early indicators of a pattern shift after sweeping its all-time low and printing a robust rejection candle that created liquidity.
Nonetheless, he suggests a cautious method, ready for value to run the present lows, clear cease losses, and make sure energy with a bullish candle earlier than coming into.
Pepe Whale points out that whereas value has been in a chronic downtrend, it’s now stabilizing at a serious historic demand zone.
With vendor momentum showing to fade, a profitable protection of this stage may spark a pointy aid rally. Upside targets embody $0.0000055, $0.0000069, and $0.0000098.
Statistics: In keeping with Santiment, PEPE remains down roughly 73% from its peak 9 months in the past.
Nonetheless, for the reason that October crash, the highest 100 wallets have accrued 23.02 trillion PEPE, a notable sign of “good cash” positioning.
Regardless of bearish retail sentiment towards meme cash, heavy whale accumulation suggests PEPE may very well be primed for a breakout as soon as Bitcoin regains sustained bullish momentum.
Traditionally, main altcoin reversals typically observe durations of concentrated accumulation by massive wallets.
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