The general decline in meme market activity has impacted Pepe’s (PEPE) price. Exchanging hands at $0.000011 at press time, the leading meme coin has witnessed a 22% value decline in the last month.
However, PEPE whales have seen this price dip as a buying opportunity and have spent the past few weeks “filling their bags.”
Pepe Whales Ape in
An assessment of Pepe (PEPE) whale activity revealed a spike in accumulation by investors that hold between 100,000 and 10,000,000 tokens. As of this writing, this cohort of PEPE investors holds 71,439 PEPE tokens.
Pepe Supply Distribution. Source: Santiment
This group of PEPE investors has increased their holdings by 3% in the last week. This comes amid a general uptick in the demand for the meme coin in the last seven days.
On-chain data show that PEPE’s daily active addresses have increased by 105% during that period. Likewise, the count of new addresses created daily to trade the meme coin has also risen by over 300%.
Pepe Daily Active Addresses. Source: IntoTheBlock
When an asset experiences a spike in whale accumulation and general network demand during a period of price decline, traders and investors see the lower price as a buying opportunity.
PEPE Price Prediction: Bearish Bias Remains Significant
Despite the increased attention from its whales in the past few weeks, the bearish sentiment that trails PEPE remains significant. According to its Directional Movement Index (DMI), PEPE’s positive directional index (blue) currently lies below its negative index (red).
Pepe Analysis. Source: TradingView
An asset’s DMI determines the direction of its market trend. When set up this way, it signals that the price downtrend is stronger than any upward price movement. It is indicative of a continuation of a bearish trend.
If PEPE’s month-long decline continues, its price might fall to $0.000010.
Pepe Analysis. Source: TradingView
However, if this trend reverses and an uptrend ensues, the meme coin’s value may climb to $0.000012.