Pepe (PEPE) has now surpassed 463,000 holders, indicating a significant increase in user numbers and excitement from retail investors.
This important milestone comes at a time when memecoins are regaining momentum in the Ethereum (ETH) ecosystem.
Although the market remains cautious, the increasing number of PEPE holders indicates that long-term confidence in the project is being strengthened.
In the context of this on-chain growth, PEPE's price is currently trading around $0.00001207, down 6% in the past 24 hours but up 22% over the past 7 days.
The increase in the number of holders reflects the return of retail investors — a factor that often leads to speculative price increases and high volatility.
Is a bullish breakout forming?
The cup and handle pattern has clearly appeared on PEPE's daily chart, indicating the potential for a continuation of the bullish trend. The 'handle' is gradually completing, with the price currently fluctuating just below the resistance area of $0.0000158. If this neckline is broken, a surge to $0.00003 could very well occur.
The Directional Movement Index (DMI) indicator is also supporting the bullish trend, with the +DI line at 35.3, significantly higher than the -DI line at 12.7, reflecting the dominance of buyers.
Meanwhile, the ADX is at 23, indicating that a trend is forming and there is still room for stronger upward movement. Therefore, if PEPE breaks resistance clearly, the uptrend could accelerate strongly in the near future.
How confident are PEPE traders?
According to data from Coinglass, the derivatives market is showing increasingly strong bullish sentiment. Trading volume has surged over 60%, reaching $3.67 billion, while open interest (OI) has also increased by 8.2% to $705.27 million.
These numbers confirm that speculative demand is rising, as traders bet on the likelihood of prices continuing to increase.
In addition, the funding rate adjusted by OI remains at a positive 0.0107%, indicating a market sentiment heavily leaning towards the Long side.
This prolonged positive funding rate reflects that the bulls are willing to pay higher fees to maintain their positions, completely aligning with the bullish technical model.
Overall, the futures activity of PEPE is reflecting an increasing optimism and strong commitment from traders towards an upward trend in the near future.
User activity and demand from whales
The on-chain growth of PEPE is accelerating strongly, with the number of new wallets increasing by 39.01% and active addresses rising by 38.43% over the past week.
The number of wallets with a zero balance has also surged by 42.41%, reflecting a higher wallet turnover and a strong increase in speculation.
Expanding the user base indicates that confidence in the project is increasing, while also showing a growing potential for token usage, thus increasing natural buying pressure in the market.
At the same time, interest from whales is also increasing, with large transactions rising by 6.63% – a clear sign of strategic accumulation.
History has shown that the synchronization between retail money flows and accumulation from whales is often a precursor to strong price increases. If this trend continues, PEPE may gain enough momentum to decisively break through important resistance levels.
Will PEPE break the resistance or stop below the $0.0000158 mark?
The bullish outlook for PEPE is supported by the growth of retail users, the breakout technical pattern, strong demand from the derivatives market, and increasing whale activity.
However, to confirm the cup and handle pattern, PEPE needs to decisively close above the $0.0000158 mark. Without a clear breakout, the bullish momentum will weaken.
Traders should monitor the increase in trading volume and the number of holders continuing to rise as important confirmation signals.
If the breakout is successful, PEPE's price could move towards the $0.00003 mark. Conversely, if it fails, the token may enter a short-term consolidation phase.