The accumulation of Pepe coins has become an ongoing trend amid the amazing bull run that the frog-themed meme token has experienced this year. According to data from an analytics platform today (May 11), crypto market investors bought a staggering 650 billion PEPE, sparking a wave of optimism about the future price action of the meme cryptocurrency.

The Pepe coin surged from a low of $0.0000009 in March this year to a peak of $0.0000099, which defied market expectations and triggered the usual sentiment that the coin could be due for a correction. However, in recent days, the accumulation of PEPE, both by whales and investors, has been assessed to be in the trillions, adding a layer of intrigue to the future price action of the coin. Below is an in-depth report on the current market statistics and price action of Pepe coin.

PEPE Accumulation - A "Hot Trend" in Crypto

according to
LookOnChain
According to simplified data, investors bought 649.16 billion PEPE in the past 24 hours. Among them, four unknown addresses mainly grabbed a large number of Pepe coins from exchanges. One of the addresses, 0xa145, withdrew 350 billion PEPE worth $3.44 million from Binance, one of the famous CEXs. This address mainly engaged in swing trading and reportedly earned $2.66 million from the frog-themed meme coin.

At the same time, another address 0xa4Fd purchased 123.66 billion PEPE with 1.09 million USDC. The addresses 0x895f and 0x24E3 purchased 101 billion and 74.5 billion PEPE respectively.

These massive accumulations have fueled optimism that PEPE offers the potential for further gains amid the token’s ongoing upward momentum. Nonetheless, PEPE’s price appears to have experienced highly volatile movement over the past 24 hours.

PEPE bullish momentum is strong

The price of PEPE has risen by more than 10% in the last week, bringing huge profits to investors. In fact, according to market capitalization data, the value of Memecoin has risen by more than 6.5% in the past 24 hours.

However, the optimism surrounding memecoin has slightly declined – which is also confirmed by the decline in weighted sentiment.

However, according to one analysis, the decline in investor confidence may not have had an adverse impact on PEPE just yet. Plazma, a popular cryptocurrency analyst, also holds this view and tweeted that Memecoin will test its all-time high price.

To verify this point, AMBCrypto analyzed PEPE's on-chain indicators. According to the study of Santiment data, PEPE's MVRV ratio value is 16.26%. Whale activity around meme coins was also very active last week.

Further research found that the supply of Memecoin held by the top addresses is also increasing. This obviously means that whales are buying PEPE, indicating that they expect the price of Memecoin to surge in the coming days.

Is PEPE about to hit new highs?

AMBCrypto then checked Memecoin’s daily chart and explored the possibility of the coin hitting its all-time high price again.

The MACD indicator indicates that the market is in a bullish trend, while the relative strength index (RSI) is above neutral. In addition, the Bollinger Bands show that PEPE's price is well above its 20-day simple moving average (SMA), which means that continued upward momentum is more likely.

To determine if there are other resistance areas before reaching the all-time high, we looked at data from Hyblock Capital. The results show that PEPE’s liquidation price is about to climb rapidly around $0.00000928. Typically, an increase in liquidation volume triggers a price correction.

Therefore, it is crucial for Memecoin to break through this price level. A successful break above this level will set the stage for a test of its all-time high.

However, it cannot be said with certainty that only 1% of PEPE investors are currently short of funds, as data from IntoTheBlock reveals. This could prompt investors to sell their holdings, increasing selling pressure and potentially ending the memecoin’s upward momentum.