Pepe Coin price has formed a bullish flag chart pattern on the daily chart.
On-chain data shows that Pepe whales have continued accumulating the token.
Pepe also has favorable open interest and funding rate.
Whales are Buying and Exchange Balances are Falling🔻
The other bullish catalyst for Pepe price is that on-chain data show that whales have started to accumulate it. As the chart below shows, whales have increased their holdings to 7.61 trillion, up from 7.23 trillion on the same period last month. Whale accumulation is often seen as a bullish catalyst for an asset since these investors are highly experienced.
Another data, which is seen clearly in the chart below is that exchange balances have been on a downward trajectory. These balances now stand at 249.19 trillion, down by 2.1% from a month earlier. Falling balances indicate that investors are transferring their tokens from exchanges to self-custody, where they intend to hold them for an extended period.#INDIANstock