Memecoins have been having a moment again. After weeks of altcoins flexing harder than Bitcoin, Pepe (PEPE) stole the spotlight with a 10% jump in 24 hours. What’s fueling the green candles? A mix of whale activity, retail confidence, and a chart pattern that screams “decision time.”
PEPE’s chart: Calm before the storm?
PEPE’s daily chart shows it has been trapped inside a symmetrical triangle since early May, now crawling toward its apex. Translation: this sideways grind can’t last forever, something’s about to give.
At the time of writing, PEPE traded at $0.00001157. If buyers can push it above $0.00001366, the structure flips bullish and opens the door to fresh highs. If not, a breakdown could undo the momentum built since its March bottom.
Even the RSI is showing signs of life. After dipping into a fair value gap, it ticked upward again, the same zone that sparked 20% returns during the summer. For traders, it’s a clear “watch this space” signal.
PEPE whales are back on the menu
After months of silence, whales are waking up. One legendary trader with a perfect strike rate on PEPE reappeared after five months, scooping up $2 million worth of tokens from Binance before moving them to cold storage.
And here’s the kicker:
EyeOnChain reported that this whale still held 1.31 trillion PEPE at an average entry of $0.00001683, sitting on a paper loss of $7.25 million.
Instead of bailing, he doubled down. That kind of conviction is either madness, or a masterstroke waiting to pay off.
He’s not alone. The top 100 PEPE wallets boosted their holdings by 1.5% this month. In total, PEPE transactions have hit 6.819 million, with 1.206 million buys versus 851,000 sells. Both whales and retail are stuffing their wallets, suggesting confidence hasn’t evaporated despite past drawdowns.
PEPE spot traders take the wheel
Interestingly, the recent pump isn’t being fueled by degens on leverage. Data from CryptoQuant shows that Futures Taker CVD has stayed neutral for three months. That means spot traders, those buying actual tokens without leverage, are driving the move.
This sets PEPE apart from Ethereum’s leverage-heavy surge. Without derivatives traders piling in yet, the market still feels undecided. The next real breakout could finally drag them back in, potentially adding rocket fuel to the rally.
So… breakout or fakeout?
PEPE ended the day solidly in the green, but momentum alone won’t cut it. For this rally to last, derivatives participation and volume need to rise. Right now, the stage looks set: whales are loading up, spot buyers are active, and PEPE’s chart is at a make-or-break point.
If history repeats, the “funny frog coin” could be gearing up for something much bigger than a meme-sized bounce.
