Pepe Surges to Highest Price Since July With Record-High Whale Accumulation
Due to whale accumulation and an Ethereum bounce, the price of Pepe continued to rise this week, rising for four days in a row. On Saturday, August 9, Pepe token surged to $0.000011, the highest since July 28 and 135% higher than this year’s lowest.
Whaleswhale have continued to purchase despite the recent decline, according to Nansen statistics, as seen by the fact that their holdings have increased to their greatest level in more than a year. Over 8.95 trillion tokens are held by whales, a 12% monthly increase. In the past 12 months, their holdings have increased by 30%, indicating that they anticipate it will continue to rise.
Pepe Futures Open Interest Soars to $720 Million
Additionally, smart money investors have increased their holdings of Pepe. From 258 billion tokens in May of this year, they now possess 643 billion, a significant gain. It is well known that smart money investors make winning trades.
According to additional statistics, Pepe’s demand in the futures market has been skyrocketing. Over the past seven days, its futures open interest has increased dramatically, hitting $720 million, the highest amount this month. A protracted run of favorable funding rates has coincided with the skyrocketing open interest. Market players are optimistic that the future price will surpass the current price when the funding rate is positive.
Pepe Coin Eyes Breakout as Ascending Triangle Pattern Forms
The Pepe Coin price has been in a significant upward trend over the last few months, according to the daily period chart. From a low of $0.000005078, it surged to $0.00001200. The rising trendline that links the lowest swings from March of this year is still over Pepe. An ascending triangle pattern, which frequently results in a powerful breakout, has also been established.
The 50-day moving average and the 23.6% Fibonacci Retracement mark have both been surpassed by Pepe. Consequently, it is likely to continue climbing as bulls aim for the year-to-date high of $0.00001625 and the 38.2% retracement mark at $0.000014.
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