Despite price weakness, top Ethereum wallets have increased PEPE holdings by 1.5% over the past month.
PEPE, one of the most-watched memecoins in the market, has fallen 4.74% over the past 24 hours, underperforming the broader crypto market. While the drop reflects sector-wide weakness in speculative assets, on-chain data shows continued whale accumulation, signaling that large holders remain confident in the token’s long-term prospects.
At the time of writing, PEPE/USDT is trading around 0.00001125, slipping from recent highs near the short-term resistance zone at 0.00001225. The decline comes after multiple failed attempts to break through the upper red resistance area, triggering selling pressure and a retest toward lower price levels.
Technical analysis of the 4-hour chart reveals that PEPE remains in a sideways consolidation pattern between the 0.00001100 green support band and the 0.00001300–0.00001450 resistance zone. A sustained breakdown below the green zone could invite deeper losses, while a breakout above resistance would likely shift momentum back to the bulls.
“This is a classic case of short-term price weakness clashing with longer-term accumulation trends,” According to BITX market analyst. “Even though the chart shows resistance rejection, whale wallets are quietly adding to their stacks.”
According to blockchain data, the top PEPE-holding addresses on Ethereum have increased their positions by 1.5% in the last 30 days, suggesting that large investors are using the recent dip as an opportunity to build positions. This divergence between retail sentiment and whale behavior could be a key factor to watch in the coming weeks.
However, market conditions remain fragile. The memecoin sector has broadly underperformed in recent sessions, with traders rotating into larger-cap cryptocurrencies amid macroeconomic uncertainty and heightened volatility following recent US inflation data.
If buying interest from large holders continues and price holds above the key support area, PEPE could stage a recovery toward the mid-range resistance, but a break lower might extend losses toward June’s lows.
For now, the balance between whale accumulation and market-wide risk aversion will likely dictate PEPE’s next major move.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.