The price of Pepe has seen a strong increase for four consecutive days, supported by the accumulation of whales and smart investors, with a clear recovery in the price of Ethereum.
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Quick summary:
✅ The price of Pepe has recovered strongly over the past four days.
✅ Data shows that whales and smart investors are increasing their accumulation of the coin.
✅ Technical analysis indicates additional upward opportunities in the coming period.
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🐋 Whales continue to buy Pepe coins
The price of Pepe on Saturday, August 9, reached $0.000012, the highest level since July 28, and a 135% increase from its lowest price this year.
Nansen data shows that whales intensified their purchase of the coin after the recent drop, with their holdings reaching the highest level in over a year, exceeding 8.95 trillion tokens, an increase of 12% over the past month, and a 30% increase over the past 12 months.
This reflects significant positive expectations from major investors.
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💼 Smart investors are also raising their stakes
✅ Smart investors have significantly increased their holdings of Pepe, moving from 258 billion tokens in May to 643 billion tokens currently.
✅ These investors are known for the accuracy of their trades and their profitability.
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📈 Strong activity in the futures market
✅ The futures contracts for Pepe have seen a continuous increase in open interest for 7 consecutive days, reaching $720 million, the highest level this month.
✅ The positive funding rate indicates traders' optimism for a future price higher than the current price.
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⚡ The impact of the Ethereum price recovery
✅ The rise in the price of Ethereum to around $4100, along with increased U.S. demand, directly supported meme coins linked to the Ethereum chain like Pepe.
✅ This pattern is similar to other coins like Dogwifhat and Bonk, which rise with the increase of major coins like Solana.
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📊 Technical analysis of the price of Pepe
✅ The price on a daily timeframe has been in a strong upward trend for several months, from $0.000005078 to $0.00001200.
✅ The price maintains a level above the ascending trend line connected to the lowest points since March.
✅ An ascending triangle pattern has formed, which is often followed by a strong breakout.
✅ The price has exceeded the Fibonacci levels of 23.6% and the 50-day moving average.
✅ The upcoming targets for buyers are the Fibonacci levels of 38.2% at $0.000014, then the highest level of this year at $0.00001625.
