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Pepe Price Extends Rally As Whale Accumulation and Ethereum Surge Drive Gains
Key Insights
Whale holdings of Pepe have surged 12% in a month, reaching the highest level in over a year at 8.95 trillion tokens.
Smart money investors have increased Pepe holdings to 643 billion tokens, up from 258 billion in May, signaling rising confidence.
Pepe futures open interest hit $720 million after seven days of gains, supported by a sustained positive funding rate in derivatives markets.
Pepe Coin extended its upward momentum this week, marking four consecutive daily gains. The token climbed to $0.000012 on August 9, its highest level since late July, and now stands 135% above its lowest point in 2024.
Blockchain data from Nansen shows significant whale activity in recent weeks. Large holders increased their positions to 8.95 trillion tokens, representing a 12% gain in the past month and a 30% rise over the last year. This marks the highest whale holding level in more than twelve months.
Smart money boosts exposure
Alongside whale accumulation, wallets tagged as smart money have also grown their positions. Holdings by these investors have jumped to 643 billion tokens from 258 billion in May. Historically, smart money activity has been associated with well-timed market moves.
Source: TradingView
Demand for Pepe has also been reflected in the derivatives market. Open interest in Pepe futures contracts has increased for seven consecutive days, reaching $720 million, the highest level so far this month. This has coincided with a period of positive funding rates, which often indicates expectations for further price increases.
Ethereum rally supports meme coin sentiment
Pepe’s latest rally comes as Ethereum has surged to $4,100, nearing its all-time high. Analysts note that meme tokens often gain when the native token of their blockchain rises. Similar trends have been seen with Dogwifhat and Bonk during Solana’s price rallies.
Chart analysis shows Pepe maintaining an uptrend that began in March. The token has formed an ascending triangle pattern, a structure that can precede a breakout. It is trading above both its 50-day moving average and the 23.6 percent Fibonacci retracement level. If momentum continues, bulls may target $0.000014 and possibly retest the year’s high at $0.00001625.