#hot #news
Pepe Coin price eyes 70% surge as whale accumulation rises
Pepe Coin price made a bullish breakout on Thursday, July 3, as cryptocurrencies bounced back and whale accumulation continued.
Pepe (PEPE), the second-biggest Ethereum (ETH) meme coin, jumped to $0.0000107, its highest level since June 17. This rally coincided with the broader crypto market rally, with Bitcoin (BTC) hitting $110,000 for the first time in weeks.
Nansen data shows that PEPE’s price jump came amid increased whale accumulation, a sign that large holders expect further gains. Whales now hold 7.95 trillion tokens, representing a 5% monthly increase.
The top 100 addresses have also expanded their holdings, now controlling 302.8 trillion coins, representing a 3.86% rise from the previous month.
You might also like: Grayscale’s large-cap ETF conversion in limbo as SEC halts approval
Additional data shows that the amount of PEPE tokens on exchanges has dropped to its lowest level in over two years. As of July 3, there were 246.96 trillion tokens held on exchanges, down from 254 trillion on the same day in June.
Fewer tokens on exchanges typically indicate that investors are moving assets to self-custody, signaling long-term holding. Conversely, tokens are usually sent to exchanges when investors plan to sell, either to take profits or in anticipation of price declines.
PEPE’s rally also followed Ethereum’s bullish breakout, as ETH retested the $2,600 resistance level. Since PEPE is an ERC-20 token, it often rallies in tandem with ETH. Notably, it surged in May when Ethereum climbed from $1,388 to $2,867.